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Gold futures have experienced a remarkable week of gains, climbing nearly $100 per troy ounce across three consecutive trading sessions. The recent price surge coincides with the latest Consumer Price Index report, which reveals a persistent inflationary trend that has caught the attention of financial markets and Federal Reserve officials.
Federal Reserve Chairman Jerome Powell has acknowledged the progress made since inflation peaked at over 8.5% in March 2022, but remains cautious about the current economic landscape. Speaking at a recent conference, Powell noted that economic growth is stronger than anticipated, and inflation continues to present challenges. The Fed's ultimate goal remains achieving a 2% inflation target, a benchmark that still seems distant given the current economic indicators.
Market expectations for further monetary intervention remain high. The CME's FedWatch tool suggests a 98.6% probability of an additional 25-basis-point rate cut in the upcoming FOMC meeting, a significant increase from recent weeks' projections. However, the persistence of sticky inflation could potentially slow the pace of future rate cuts.
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