- Data released on Thursday showed that the US producer prices increased more than expected in February, which might force the Federal Reserve to keep interest rates elevated and prompt some selling around the Gold price.
- The US Bureau of Labor Statistics reported that the Producer Price Index for final demand rose by a 1.6% YoY rate in February as compared to the previous month's upwardly revised print of 1% and the 1.1% market estimates.
- Separately, the US Department of Labor (DOL) published the usual Initial Jobless Claims data, which showed that the number of individuals filing for unemployment insurance for the first time unexpectedly fell to 209K last week.
- This, to a larger extent, overshadowed softer US Retail Sales figures, which rose by 0.6% in February and pointed to a slowdown in consumer spending during the first quarter amid rising inflation and high borrowing costs.
- Meanwhile, the CME Group's FedWatch Tool indicates that the markets are still pricing in about a 60% chance that the Fed will cut interest rates at the June policy meeting, helping limit losses for the non-yielding yellow metal.
- Investors turn more cautious over the possibility of more hawkish signals from the Fed, which is evident from a generally weaker tone around the equity markets and lends additional support to the safe-haven XAU/USD.
- Russia moved tactical nuclear weapons from its borders into neighbouring Belarus, closer to NATO territory, after President Vladimir Putin threatened a wider military showdown with NATO over the alliance's backing for Ukraine.
- Traders now look to Friday's US economic docket – featuring the release of the Empire State Manufacturing Index, Industrial Production figures and the Preliminary University of Michigan Consumer Sentiment Index.
- The focus, however, will remain glued to the upcoming FOMC monetary policy meetings, starting next Tuesday, which might provide fresh cues about the Fed's rate-cut path and determine the near-term trajectory for the metal.
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