The US Bureau of Economic Analysis will release the January PCE Price Index at 7:00 PM today, a key inflation gauge that could influence Federal Reserve rate cut expectations. Stay tuned for live updates!
Gold prices extended losses on Thursday, slipping over 1% to hit their lowest level in more than a week as the US dollar firmed ahead of key inflation data that could influence the Federal Reserve’s monetary policy stance.
Investors are bracing for the release of the Personal Consumption Expenditures (PCE) index, the Fed’s preferred measure of inflation, due later in the day.
According to a Reuters poll, the consensus forecast points to a 0.3% rise in the core PCE index for January, unchanged from December 2024. A hotter-than-expected print could reinforce concerns over sticky inflation and dampen hopes of an early rate cut by the central bank.
Recent data on Thurday showed that inflationary pressures remain persistent, with the GDP price index revised higher to 2.4% for Q4 2024. Meanwhile, US jobless claims rose to 242,000 last week, the highest level in three months.
A stronger Greenback, supported by expectations of prolonged higher interest rates, continues to weigh on gold prices, keeping the precious metal under pressure amid broader market uncertainty.
