Gold prices rose on Monday (17/) during the North American session, posting a gain of 0.56% amid thin trading as markets in the United States (US) were closed for Presidents Day. XAU/USD was trading at $2,898 after hitting an intraday low of $2,878.
Gold posted its biggest loss since December 18 last Friday, but the outlook for the precious metal looks promising amid geopolitical uncertainty and US trade policy aimed at narrowing the deficit.
Data from the US was mixed last week with the Consumer Price Index (CPI) and Producer Price Index (PPI) rising slightly. Retail Sales disappointed investors, who were rushing to expect further easing by the Federal Reserve (Fed).
Fed officials turned cautious as inflation remained above its 2% target. Philadelphia Fed President Patrick Harker said that policy should be "steady" for now and stressed that monetary policy is in a good place. Harker added that the labor market is solid and policy should be focused on lowering inflation.
Recently, Fed Governor Michelle Bowman said that she expects inflation to ease, although she acknowledged that upside risks remain.
This week, the US economic docket will feature more Fed speakers, housing data, the latest Federal Open Market Committee (FOMC) Meeting Minutes, Initial Jobless Claims, and the final reading of the S&P Global Flash PMI for February.(Newsmaker23)
Source: FXstreet
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