The dollar index stabilized near 105.3 on Tuesday as investors prepared for significant US inflation data releases that could impact interest rate projections.
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Gold prices surged to over $2,310 per ounce on Monday, bouncing back from nearly a month-low last week.
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In the US, PMI data that failed to meet expectations has fueled expectations for a potential interest rate cut, with the odds of a cut in September standing at 68%.
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In today's news, New York Fed President John Williams has made his position clear on the interest rate debate.
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The price of gold experienced a 0.60% increase, reaching approximately $2,355 per ounce on Monday, approaching its record levels.
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The dollar index has consistently stayed below 103, extending its stay at low levels for over seven weeks, and is poised for a 1% loss this week.
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Recent statements from Federal Reserve officials, including Chicago Fed President Austan Goolsbee, Cleveland Fed President Loretta Mester, and New York Fed President John Williams, have downplayed the likelihood of early rate cuts in 2024, aligning with the Federal Reserve's current hawkish stance.
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On Tuesday, a soft U.S. inflation reading raised hopes that the Federal Reserve is nearing the end of its interest rate-hiking cycle.
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U.S. and Chinese Leaders Set for Key Meeting: President Joe Biden and China’s Xi Jinping are scheduled for an in-person meeting in San Francisco, marking their first face-to-face encounter in a year.
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