Gold Retreats Before Key US Economic Data Release

Published on Mar 14, 2024 14:42

Gold futures traded lower in electronic trading as traders closed positions before the release of crucial US inflation, retail sales, and jobless claims data. The upcoming producer price index report, scheduled for later today, is the final inflation reading before the Fed`s rate decision next week. Recent data showed that US headline inflation accelerated to 3.2% in February from January`s 3.1%, while the core rate eased to 3.8% from 3.9%. Despite yesterday`s nearly 1% jump to $2185 per ounce, gold faced pressure from a strong US dollar and record highs in other assets. Silver also surged, reaching a three-month high of $25.40 per ounce. MCX April delivery futures traded lower by nearly Rs 150 at Rs 65763 per 10 grams.