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Gold Price: XAU/USD declines as bears gather traction ahead of US CPI

February 10, 2024

NEW YORK (February 10) In Friday's session, the XAU/USD was observed at a trading level of $2,025, marking a dip of 0.40%. Focus is set on next week’s Consumer Price Index (CPI) figures from January after the US downwardly revised the December figures, to continue placing their bets on the next Federal Reserve (Fed) decisions.

In that sense, investors are eyeing the Federal Reserve's moves, as soft CPI revisions seem to have provided a breather for officials considering rate cuts. However, strong Q1 growth predictions in the US market and rising wage pressures amidst a tight job market from the Fed indicate that rate cuts may be delayed. As for now, markets seem to have given up the odds of a cut in March and instead pushed them to May. Next week's inflation reading will be key for the timing of the easing cycle and in case, data justifies the delay of rate cuts, the yellow metal metal may see further downside.



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