Gold Gains 0.7% with Market Eyes on Key U.S. Inflation Report Gold prices increased by 0.7% to $2,314.22 per ounce on Thursday as the dollar weakened, with traders focusing on upcoming U.S. inflation data that could influence the Federal Reserve’s interest rate decisions. The dollar index fell by 0.2%, making gold more appealing to investors holding other currencies. Analysts note that gold has consistently found support when dipping below $2,300 since April. However, if expectations for Federal Reserve rate cuts by the end of 2024 diminish, gold prices may struggle to stay above this key level. Currently, traders estimate a 62% chance of a rate cut in September. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Gold Soars to New Heights as Fed Rate Cut Hopes Intensify READ MORE Sprott Assures Minimal Market Effect from New Copper Fund READ MORE Gold Rally Hits Crucial Juncture: $2,075 Level in Sight for a Major Breakout READ MORE January Sees U.S. Wholesale Prices Increase, Highlighting Ongoing Inflation Challenges READ MORE Geopolitical Risks Cap Oil's Decline READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment