GOLD PRICE FORECAST: XAU/USD TRADES BELOW $2,900 DESPITE RISK AVERSION
XAU/USD is trading at $2,892.16.
The US will release February Consumer Price Index figures this week.
The Bank of Canada will announce its monetary policy decision next Wednesday.
XAU/USD has turned bearish and could continue its slide in the coming sessions.
CHINA: RETAIL SALES AND INDUSTRIAL PRODUCTION BEAT EXPECTATIONS Grew 4% YoY in February, matching expectations and improving from January's 3.7%. Increased by 5.9% YoY, surpassing the 5.3% forecast but slower than January’s 6.2% growth.
Gold price is near its highest level ever. People are buying gold because of global economic worries. Traders expect the U.S. Federal Reserve to cut interest rates in 2025. The U.S. dollar is weak, which helps gold stay strong. Investors see gold as a safe place to keep
CHINA FEBRUARY 2025 NEW HOME PRICES FALL 4.9% YoY, 0.1% MoM New home prices fell 4.9% YoY and 0.1% MoM in February. The housing sector remains under pressure, with January showing a 5% YoY decline. PBOC set USD/CNY reference rate at 7.1688, the strongest
Federal Reserve (Fed): Will decide on interest rates while worrying about a possible recession. Bank of Japan (BoJ): Traders are watching for signs that Japan might raise interest rates. Swiss National Bank (SNB): Expected to cut interest rates by 0.25%. Bank of England (BoE): Likely to keep rates the