As underlying US inflation topped forecasts for a second month in February, reinforcing the Fed’s cautious approach to cutting interest rates, gold prices whipsawed before trading down 1% at $2,161.14 an ounce. The February CPI came in hotter than expected, suggesting that the Fed may not be ready to cut rates just yet. The Fed’s pivot to looser monetary policy is expected to boost gold’s appeal compared with yield-bearing assets like bonds.
Swap markets now show a 63% chance of a rate reduction in June
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