Gold futures edged higher on Thursday, with the June 2024 contract settling at $2,344.30 per ounce, up $6.20 on the day. The modest gains were supported by a weaker U.S. dollar, which lost 0.21% to fix the dollar index at 105.44.
These hotter-than-expected inflation figures took economists by surprise and raised concerns that consumer prices could start re-accelerating after showing signs of cooling. According to MarketWatch, if taken at face value, the GDP data suggests tomorrow's March PCE report could show monthly gains of 0.4% to 0.5% for both the headline and core indexes, versus Wall Street forecasts of just 0.3%.
Regardless of tomorrow's inflation print, central banks globally continued to be significant buyers of gold in the first quarter. Driven by a desire to diversify reserves away from the U.S. dollar after sanctions froze Russia's dollar assets, countries like China, India and Turkey dramatically ramped up bullion purchases. China's gold holdings as a percentage of total reserves climbed to 4.3% by year-end from 3.6% in early 2022.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: globeandmail - 🏆 5. / 92 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »