GOLD WEEKLY CONFIRM PREDICTION
Updated
Gold prices benefitted early in the week as US CPI came in much better than expected which saw market expectations for rate cuts in 2024 improve. Markets are now pricing in a rate cut for May 2024 at 47.9% up from 29.6% a week ago. The selloff in US Yields also helped while the ongoing uncertainty form the Middle East continues. This saw Gold breach the $1950 handle and print a daily high of $1970.91. This was followed by uncertainty on Wednesday before another miss by US data on Thursday gave Gold a further push toward the 22000/OZ mark.
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