Solid price gains for gold on big U.S. data dump day

Last Thursday witnessed notable gains in gold prices during early U.S. trading as they edged closer to recent record highs amid a significant release of U.S. economic data. Silver prices remained relatively stable. The day was packed with key data announcements, including the U.S. GDP data for the fourth quarter and various inflation indexes. Given that U.S. markets were closed the following Friday for the Good Friday holiday, additional reports on personal income and outlays, along with PCE inflation data, were also scheduled for release.

That Thursday marked not only the last U.S. trading day of the week but also the culmination of the month and the quarter, positioning it as a pivotal day from a technical chart standpoint.

Overnight, stock indexes from Asia and Europe showed mixed performances. Meanwhile, U.S. stock indexes were poised for nearly steady openings as the New York day session commenced. These indexes have been experiencing a gradual ascent, approaching their recent record highs.

Christopher Waller, a Federal Reserve Governor, expressed his disappointment on Wednesday over the U.S. inflation data, which turned out to be stronger than anticipated. As reported by Bloomberg, Waller emphasized the need for “at least a couple of months of better inflation data” before considering any rate cuts. He suggested that, in light of the recent data, it would be prudent to reduce the total number of anticipated rate cuts or delay them to a later date.

In terms of significant market indicators on that day, the U.S. dollar index saw an increase. Nymex crude oil prices rose, trading at around $82.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note was approximately 4.25%.

  • The comprehensive agenda for U.S. economic reports set to be released includes:
  • The weekly jobless claims report.
  • The fourth-quarter GDP report is from the Chicago ISM business survey.
  • Pending home sales.

Other significant releases scheduled for the day were:

  • The University of Michigan consumer sentiment survey.
  • The USDA planting intentions and quarterly grain stocks report.
  • The Kansas City Fed manufacturing survey.

These extensive data releases underscored the day’s significance, offering valuable insights into the U.S. economic landscape and potentially influencing future monetary policy decisions.

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