Gold Prices Remain Near Record Highs in Focus
Gold prices remain near record highs due to a weakening US dollar, with the spot price of gold rising by 0.2% to $2,942.05 per ounce and gold futures increasing by 0.1% to $2,957.00. The preliminary S&P Global Purchasing Managers Index (PMI) report for February showed a marked slowdown in business activity, which has contributed to the dollar's decline. As market speculation mounts over a potential interest rate cut by the US Federal Reserve in June, gold prices are poised to continue their upward trajectory.
- This uptick in gold prices highlights the inverse relationship between the value of the dollar and the price of gold, with the former falling as the latter rises.
- How will the ongoing inflation report set for later this week impact the direction of gold prices?