Gold prices are inching closer to an all-time high as investors anxiously await the release of key U.S. data and minutes from the Federal Reserve’s recent policy meeting.
What Happened: Gold prices have been steadily climbing, almost reaching the record high from the previous session. This surge has been supported by robust central bank buying. Reuters reported that Investors eagerly await the U.S. Federal Reserve’s policy meeting minutes and inflation data for further direction.
Spot gold increased by 0.2%, touching $2,343.76 per ounce, following a record high of $2,353.79 on Monday. U.S. gold futures also experienced a 0.5% gain, reaching $2,362.60.
Tim Waterer, chief market analyst at KCM Trade, told Reuters, “Gold has been the ‘asset of choice’ in financial markets, with an undercurrent of central bank buying and speculative flows sending the price to higher highs on a regular basis.”
The Fed’s March policy meeting minutes and the U.S. CPI data are due on Wednesday. During its March policy meeting, the Fed maintained interest rates at a 5.25%-5.50% range but hinted at a potential cut of three-quarters of a percentage point by the end of 2024.
Spot silver dipped 0.1% to $27.81 per ounce after reaching its highest levels since June 2021 earlier in the session. Meanwhile, India’s silver imports surged 260% in February to a record high, fueled by lower duties and large purchases from the United Arab Emirates.
Furthermore, recent spikes in commodity prices have led to fears of a potentially grim economic outlook, reminiscent of the changing times in the 1970s.
These factors, coupled with the advice from economist Peter Schiff for Bitcoin holders to exchange their holdings for gold and silver, have contributed to the current bullish trend in gold prices.
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