Gold is currently trading close (~$2711.06) to its highest level ($2724.81) in a month and heading toward a third consecutive weekly gain.Lower-than-anticipated core inflation and underwhelming retail sales data in the US, have revived expectations that the Federal Reserve might implement multiple interest rates cuts this year.Fed Governor Christopher Waller has also stated that,
“As long as the data comes in good on inflation or continues on that path, then I can certainly see rate cuts happening sooner than maybe the markets are pricing in.”
These potential adjustments could boost the appeal of a zero-yielding gold.The anticipated trade tariffs under Donald Trump’s incoming administration could also enhance gold’s appeal, given that Trump’s proposed policies might lead to higher inflation.According to Bloomberg model, the potential (72.9% probability) 7-day trading range lies between $2658.38–$2768.65.More By This Author:XRP Soared 18% Brent Set For Longest Weekly Gains Since July 2024 GBPUSD Drops To Its Lowest Since Nov 2023
