Gold price retreats from a fresh record high of $2,265.58 a troy ounce.
XAU/USD Current price: $2,239.91 Upbeat United States data confirmed Federal Reserve’s conservative approach to rate cuts. Stock markets returned from the long weekend with a soft tone, Wall Street dips. XAU/USD retreats from record highs, retains its bullish stance. XAU/USD rallied during Asian trading hours but turned south during European ones.
On the one hand, the Bureau of Economic Analysis reported that the core Personal Consumption Expenditures Price Index rose 0.3% MoM and 2.8% YoY in February, as expected. On the other hand, Federal Reserve Chairman Jerome Powell participated in an interview open to questions, in which he repeated that the Fed is in no hurry to cut rates, as economic growth remains strong and inflation is above target. Treasury yields are firmly up, with the 10-year note offering 4.
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