Here’s an update on XAUUSD for today, March 13, 2024. Gold prices (XAU/USD) showed buying interest during the downturn in the Asian session on Wednesday, partially reversing profit-taking from the previous day to around $2,150, marking the weekly low.

U.S. Treasury yields rose after February's consumer inflation in the U.S. came in slightly higher than expected, strengthening the U.S. dollar (USD) and putting pressure on gold prices. Additionally, the strengthening of U.S. stock markets contributed to outflows from gold as a safe haven.

However, the market still anticipates the possibility of a rate cut by the Federal Reserve (Fed) at the June meeting. This limits the rise in U.S. Treasury yields and the dollar, while also curbing the decline in non-yielding gold prices.

Traders are also not overly aggressive in taking bearish positions on XAU/USD due to geopolitical risks and the prospect of a weakening global economy in 2024. Investors may choose to wait until next week's FOMC monetary policy meeting before making decisions.

Gold prices are supported by the potential for a Fed rate cut in June and geopolitical risks. High U.S. inflation reports strengthen the dollar, putting pressure on gold prices. The market is still factoring in the possibility of a rate cut. In the Middle East, conflicts in Gaza and Yemen are affecting the markets. U.S. attacks on Yemen’s Houthis are also impacting sentiment. All of these factors limit the decline in gold prices. Traders are looking forward to the upcoming FOMC meeting for guidance on interest rate policy.

Warning!

This is the news regarding "XAUUSD Today: March 13, 2024 - Gold Prices Hold Firm Against U.S. CPI!" This analysis is based on fundamental and technical perspectives from reliable sources and does not constitute advice or an invitation. Always remember that this content aims to enrich readers' information. Always conduct independent research on other forex information to use as a reference in your trading.

Get updated news and articles from GIC Indonesia by checking Google News daily to know the latest updates on forex and crypto. You can also trade on GICTrade using ECN accounts to enjoy trading with low spreads starting from zero!