Gold Price raised as the Catalyst…
Following the rise in January, which saw the metal have its greatest start to the year in more than a decade, gold is now looking at its third straight week of losses.
Analysts predict that the U.S. inflation data due out next week could be the precious metal’s next major driver.
April Comex gold futures are currently trading at $1,870.70 an ounce, down 5.3% from their peak of $1,975 an ounce last week.
Gold is being hampered by the dollar’s reversion and the Fed’s continued hawkishness, according to Frank Cholly, senior market strategist at RJO Futures, in an interview with Kitco News.
After a robust jobs report from the US last week revealed job gains of 517,000 in January, the positive outlook for gold started to change.Following this, Federal Reserve Chair Jerome Powell confirmed market concerns that the central bank might be obliged to hike rates more than expected if the U.S. economy continued to surprise to the upside.
