Last week, gold rose sharply after the FOMC meeting but reversed most of the gain after a series of US economic data at the weekend.
Last week, gold prices swept in two directions after economic data, especially after the Fed's interest rate policy meeting. The precious metal rose from $2,154 to $2,222 after the "dovish" message from Chairman Powell before turning down sharply and ending the week at $2,164 when the manufacturing PMI index increased stronger than expected.
This week, the market will receive a series of important economic data, including the CB consumer confidence index, GDP report, and PCE index - the Fed's favorite inflation measure. Currently, gold is rebounding to $2,175.
Last week, gold prices swept in two directions after economic data, especially after the Fed's interest rate policy meeting. The precious metal rose from $2,154 to $2,222 after the "dovish" message from Chairman Powell before turning down sharply and ending the week at $2,164 when the manufacturing PMI index increased stronger than expected.
This week, the market will receive a series of important economic data, including the CB consumer confidence index, GDP report, and PCE index - the Fed's favorite inflation measure. Currently, gold is rebounding to $2,175.
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