Gold price (XAU/USD) holds onto gains near $2,200 in Thursday’s European session.
Gold price hovers around $2,200, exhibiting strength ahead of US core PCE Price Index data. The US Dollar refreshes to a six-week high amid cautious market sentiment. 10-year US bond yields rise as Fed rate cut bets for June have dropped. Gold price holds onto gains near $2,200 in Thursday’s European session. The precious metal exhibits firm footing ahead of the United States core Personal Consumption Expenditure Price Index data for February, which will be published on Friday.
However, he keeps hopes of rate cuts alive saying, “Further progress expected on lowering inflation will make it appropriate for the Fed to begin reducing the target range for the federal funds rate this year, reported Reuters. Technical Analysis: Gold hovers close to $2,200 resistance Gold price trades close to the crucial resistance of $2,200. The precious metal aims to recapture the all-time highs slightly above $2,220.
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