March 28 - Gold rose on Thursday, bound for its biggest monthly rise since November 2022 after a blistering rally fuelled by bets for U.S. interest rate cuts, strong safe-haven demand and central bank buying.
Gold hit a record high last week after the Federal Reserve anticipated three rate cuts in 2024, and has since held near the all-time peak as traders hunker down for more U.S. data that could influence the central bank's monetary strategy. On the radar are the weekly U.S. initial jobless claims report due later in the day, followed by the U.S. core personal consumption expenditure price index report on Friday.
On the flip side, Fed Governor Christopher Waller stressed that recent economic data would warrant a delay or a reduced amount of interest rate cuts."The market therefore seems to be underestimating the risk that US rate cuts will come later and be less substantial," Commerzbank said in a note.
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