Key Points
(Reuters) Gold prices rose on Wednesday, buoyed by a weaker dollar, as investors held on to hopes of a June rate cut by the Federal Reserve despite a hot U.S. inflation print, while escalating geopolitical tensions kept bullions safe-haven demand intact...
U.S. gold futures rose 0.6% to $2,178.00...
The situation for gold bulls right now is a win-win, if Fed cuts rates, gold jumps substantially, if they dont cut rates, there will be concerns on inflation that could push gold higher, Bob Haberkorn, senior market strategist at RJO Futures, said, adding that golds upside today shows buying on dips...
Bullion on Tuesday retreated from its record highs scaled last week, posting the worst single-day drop since Feb. 13, after a report showed U.S. consumer prices rose sharply in February, indicating some stickiness in inflation...
Gold would be further supported by an escalation or new development, something material to put in focus the geopolitical risk aspect, he said.. Focus is now on U.S. retail sales, the producer price index and the weekly initial jobless claims, all of which are due on Thursday...
