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Gold futures regained some stability on Tuesday, trading down just 0.23% after a sharp $60 decline in the previous session. The April 2024 contract touched an intraday low of $2,304.60 before recovering to $2,335.57 as of 5 PM EDT.
According to experts surveyed by Dow Jones Newswires and The Wall Street Journal, the core PCE index, excluding volatile food and energy prices, is expected to moderate slightly to an annual rate of 2.7% in March, down from 2.8% in February. However, the overall PCE index is projected to accelerate to 2.6%, up from 2.5% the previous month.
Persistently elevated inflation readings so far in 2023 have made predictions challenging and could force the Fed to reconsider its current policy outlook. Initially expected to begin cutting interest rates as early as June, the central bank has pushed back those expectations amid sticky price pressures.
As markets await Friday's PCE data, the trajectory of inflation and the Fed's response to it will continue to drive volatility in the gold market.
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