XAUUSD - Slow down while waiting for American inflation news

Gold prices are hovering near record highs, reaching close to $2,200 USD/oz last Friday. The precious metal's momentum is pausing as investors await a pivotal US economic data release.

The US Department of Labor is set to unveil the February CPI report on Tuesday (3/12). Economists surveyed by Dow Jones anticipate a 0.4% month-over-month increase in CPI for February and a year-over-year rise of 3.1%. The core CPI, excluding the often volatile food and energy sectors, is expected to climb 0.3% monthly and 3.7% annually.

This data could significantly impact financial market expectations regarding the Federal Reserve's (Fed) monetary policy, influencing gold's trajectory. An inflation report exceeding expectations may delay the Fed's first rate cut, putting pressure on gold prices. Conversely, a weaker-than-expected report could reinforce the likelihood of a Fed rate cut in June, a catalyst for the recent surge to record gold prices.

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