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| Commodity News |
| HeadLine : |
Gold trades in tight range as market focuses on US economic data |
| Date : |
Apr 25 2024 |
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Gold prices were stuck in a tight range on Thursday as investors looked to U.S. economic data for further clarity on the Federal Reserve's interest rate path.Investors are waiting for the first-quarter U.S. gross domestic product data due later in the day and March personal consumption expenditures (PCE) report on Friday, after a hotter-than-expected March consumer price inflation reading pushed back rate-cut expectations.The depreciation of Asian currencies against the U.S. dollar, and the steps monetary authorities may take to prevent further weakness, dominate the market landscape across Asia as the Bank of Japan gets its two-day policy meeting underway.Recent remarks from Federal Reserve officials hinted at no urgency to cut rates. Traders now expect the first Fed rate cut to come most likely in September.
Source: Reuters
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