Gold prices were virtually unchanged late in the North American session with traders bracing for the release of February’s US Consumer Price Index (CPI) data, which is estimated to stay unchanged for headline figures.
Gold price hovers around $2,180.60, steadying as traders anticipate February's CPI release. Core inflation expectations set to influence the US Dollar and potentially bolster Gold's position. Following Powell's testimony, Gold’s near breakthrough to $2,200 underlined XAU’s price sensitivity to Fed policy and inflation trends.
If buyers push the XAU/USD price above the ATH at $2,195.15, that could open the door to testing $2,200.00. On the flip side, if XAU/USD falls below March’s 8 low of $2,154.17, a drop toward the $2,150.00 figure is on the cards. Further support is seen at $2,100.00, ahead of the December 28 high at $2,088.48 and the February 1 high at $2,065.60. Inflation FAQs What is inflation? Inflation measures the rise in the price of a representative basket of goods and services.
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