March 25 - Gold prices firmed on Monday as investors positioned for key economic data and comments from Federal Reserve officials this week for further confirmation on the interest rate cuts signalled by the U.S. central bank.U.S. gold futures climbed 0.6% to $2,172.50.
"It will have a significant impact. Any lower-than-expected PCE number will lead to a weaker dollar and higher gold prices and vice versa," said Kunal Shah, head of research, Nirmal Bang Commodities, Mumbai.The longer-term outlook for gold remains bright due to expectations of rate cuts this year, strong central bank demand and continued geopolitical crises in Russia and the Middle East, Shah said.
The report followed the Biden administration slashing its target for U.S. EV adoption from 67% by 2032 to as little as 35% after industry and autoworker backlash.
Source: Financial Digest (financialdigest.net)
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