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- It will be important to watch the US Retail Sales data if it signals any muted retail activity prior to the FOMC meeting on March 21—22.
Gold prices dip over half a percent
“Gold prices after witnessing strong momentum in the previous sessions, took a pause, as prices dipped over half a percent. The cut in the prices came on the back of an uptick in the US dollar and bond yields. The Federal Reserve is likely to raise its benchmark rate a quarter of a percentage point at its policy meeting next week and again in May, as government data showed American inflation remained strong in February.
Gold prices drops after modest gains
“Gold prices dropped on Tuesday amid modest gain in the US dollar index and surge in US treasury yields. Further, the consumer price index in the US rose by 6.0% YoY in February 2023 in line with market expectations. Inflation eased in February but remained stubbornly high, presenting a challenge for the Federal Reserve as it is trying to cool down the economy with higher rates at the same time it moves to stem financial instability.