New York gold futures fell in trading on Wednesday (February 28) due to pressure from the strengthening of the US dollar. This reduces the attractiveness of gold. By making gold contracts more expensive for holders of other currencies
The COMEX (Commodity Exchange) gold contract will be delivered in April. fell $1.40 or 0.07% to close at $2,042.70/ounce.
Silver contracts for delivery in May fell 12.10 cents, or 0.53%, to close at $22.636/ounce.
Platinum contract for delivery in April. fell $11.90, or 1.33%, to close at $885.10/ounce.
Palladium contract for delivery in June. Dropped $20.30 or -2.13% to close at $931.90/ounce.
Investors keep an eye on the Personal Consumption Expenditures (PCE) price index today (29 Feb.) at 8:30 p.m. Thai time. The PCE index is a measure of inflation that the Federal Reserve (Fed) gives importance to. Because it can detect changes in consumer behavior and covers the prices of goods and services more broadly than the Consumer Price Index (CPI).
Analysts expect the Headline PCE Index, which includes food and energy categories, to increase 2.4% in January year-on-year from 2.6% in December.
On a monthly basis, it is expected that the general PCE index increased 0.3% in January from 0.2% in December.
As for the Core PCE Index (Core PCE), which does not include food and energy categories. It is expected to increase 2.8% in January year-on-year from 2.9% in December.
On a monthly basis, it is expected that the core PCE index increased 0.4% in January from 0.2% in December.
The US Department of Commerce released its second estimate of gross domestic product (GDP) for the 4th quarter of 2023, indicating that the US economy expanded 3.2% in the quarter. But lower than the first estimate of 3.3%.
Boston Fed President Susan Collins said Wednesday the Fed should take time to assess economic data before making any policy changes. to make sure The Fed will be able to guarantee price stability and maximum employment.
In addition, John Williams, president of the New York Fed, said: There is a chance that the Fed will cut interest rates this year. This will depend on the economic data that will be released.
2024-02-29 00:02:57
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