Amber persisted beyond $2,170 per troy ounce on Thursday following a near 1% uptick in the prior session, albeit investors retained prudence anticipating additional US economic data that might furnish further insights into monetary policy prospects.
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US manufacturer inflation, retail transactions, and weekly unemployment filings are slated for Thursday.
On Tuesday, statistics unveiled that the principal inflation gauge in the US surged to 3.2% in February, surpassing forecasts and January’s reading of 3.1%, while the underlying measure moderated to 3.8% from 3.9%, albeit still transcending the consensus of 3.7%.
Nevertheless, markets continued to speculate about a probability exceeding 60% that the Federal Reserve will commence rate reductions in June, notwithstanding widespread anticipation that the central bank will maintain rates unchanged in March and May.