Gold futures rose during the European session on Monday. On the Comex division of the New York Mercantile Exchange, April gold futures were trading at
Gold futures rose during the European session on Monday. On the Comex division of the New York Mercantile Exchange, April gold futures were trading at $2,165.05.
Gold futures for April were trading at $2,165.05 per troy ounce, up 0.16% as of the time of this report.
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Early on, it reached a session high of $2,166.55 per troy ounce. Gold is likely to find support at $2,149.25 and resistance at $2,185.60.
The Dollar Index Futures, which tracks the dollar’s trend against a basket of the other six major currencies, fell by 0.08% to trade at $102.99.
Meanwhile, on the Comex, silver for May delivery increased by 0.32% to trade at $25.46 per troy ounce, while copper for May delivery rose by 0.13% to trade at $4.13 per pound.
This week, the price of gold will be guided by the Fed’s decision on interest rates, which will be announced on Wednesday. The Fed is expected to keep interest rates unchanged in the range of 5.25% to 5.50%. Therefore, attention will focus on interest rate guidance, which will be provided through the release of the so-called dot plot, a quarterly updated chart showing Fed officials’ interest rate projections for various timeframes.
The December dot plot showed policymakers don’t see the need to continue raising interest rates and anticipate three cuts this year. However, the Consumer Price Index (CPI) and associated inflation indicators for the first two months of 2024 haven’t supported three rate cuts, as Fed policymakers want price pressures to ease for months before trusting that inflation will return to the 2% target. This could translate into fewer rate cut projections from Fed officials.
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