Forex Signal Bullish

Gold Declines as Market Awaits Crucial U.S. Economic Indicators

Gold prices dipped to approximately $2,320 per ounce on Tuesday as market participants eagerly await pivotal economic disclosures this week, which are expected to shed light on the Federal Reserve’s schedule for potential interest rate reductions.

Significant attention is directed towards the forthcoming core PCE index figures, the Federal Reserve’s favored gauge of inflation, alongside data on consumer spending and income, the third revision of Q1 GDP growth, and the goods trade balance.

Concurrently, San Francisco Federal Reserve Bank President Mary Daly remarked on Monday that she believes the U.S. central bank should refrain from lowering rates until there is substantive confidence that inflation is steering towards the 2% target.

Investors are also on tenterhooks for further commentary from additional Federal Reserve officials scheduled to speak throughout the week, including Governors Lisa Cook and Michelle Bowman.

On the geopolitical stage, the U.S.-endorsed initiative to conclude the 8-month conflict in Gaza faces uncertainty after Israeli Prime Minister Netanyahu consented only to a “partial” ceasefire.