Gold price rises as focus shifts to US Retail Sales

Gold price (XAU/USD) trades slightly in the green in Wednesday’s early New York session but has an uncertain outlook in the near term as investors have scaled down expectations of Federal Reserve rate cuts in June.

The precious metal recorded its second-largest single-day decline in a month on Tuesday after the United States Consumer Price Index (CPI) data for February turned out surprisingly hotter than expected.

Gold price attempts for a consolidate although the near-term outlook remains uncertain. Stubborn US inflation for February has increased the uncertainty over Fed rate cuts in June. Investors will shift focus to the US PPI and Retail Sales data for February.

Gold price finds temporary support near $2,160 after a sharp decline from all-time highs at $2,195. The surprisingly stubborn United States inflation data for February has cast doubts over expectations for the Federal Reserve reducing interest rates in the June policy meeting. Spot gold is 0.51% up, trading at $2169.055 at the time of writing.