Gold Futures Soar to Historic Highs: Eyes on Inflation, GDP Data for Next Move

Gold futures have made new highs - and traders should watch out for a potential correction because of PCE, GDP data.In 2024, invest like the big funds from the comfort of your home with our AI-powered ProPicks stock selection tool.soared to record levels, with the June contract breaking through the $2,200 per ounce mark and reaching an astonishing $2,233 per ounce at the time of publishing this article.

The current market consensus confirms disinflation slowing at 2.8% y/y, which corresponds with the stagnation of the headline consumer inflation index.Gold prices, despite two minor corrections, continue to rise and are on track toward historical highs. However, the direction may change depending on upcoming US data.If this happens, sellers will likely target the support level around $2150 per ounce, which has been tested before.

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