During the initial week of 2024, global gold prices experienced minor fluctuations as the market endeavored to recalibrate expectations regarding the potential timing of interest rate adjustments by the US Federal Reserve (Fed), taking into account economic data.
According to the most recent weekly gold survey by Kitco News, half of the retail investors engaged in online Main Street polls anticipate an upturn in gold prices for the week, while the remaining 50% foresee a decline.
Experts highlight that the forthcoming release of the December Consumer Price Index (CPI) report on Thursday poses the most significant risk to gold prices during this week. A sustained decrease in inflation could once again instill optimism in the market regarding the timing of rate cuts, thereby benefiting gold. Conversely, a failure of inflation to rise as anticipated by the market could potentially trigger a fresh sell-off in this precious metal.