Economic Insights Shaping Gold Prices: February 26 - March 1, 2024

As we approach the final days of February and usher in March 2024, the global financial markets are bracing for significant economic events that have the potential to sway the delicate balance of gold prices against the US dollar. In this article, we delve into the most crucial economic indicators slated for release between February 26 and March 1, offering insights into the factors likely to influence the precious metals market.

Cost of Gold Today

Live Gold Price	Gold Spot Price Today
Gold Price per Gram	$65.26
Gold Price per Kilo	$65,256
Gold Price per Ounce(28.34 g)	$2,029.69

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Gold price chart in U.S. Dollar per ounce, Live gold price chart

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Monday, February 26:

USD Core PCE Price Index m/m:

The Core Personal Consumption Expenditures (PCE) Price Index in the United States is a key inflation indicator. Deviations from expectations may impact the US dollar and subsequently influence gold prices.

Tuesday, February 27:

USD CB Consumer Confidence:

The Consumer Confidence Index gauges the economic outlook of consumers in the United States. Higher confidence levels may strengthen the US dollar, potentially impacting gold prices.

USD Pending Home Sales m/m:

Pending Home Sales data reflects the number of homes under contract but not yet closed. A notable shift can provide insights into the real estate market, potentially influencing gold prices.

Wednesday, February 28:

USD ADP Non-Farm Employment Change:

The ADP Non-Farm Employment Change report offers a precursor to the official non-farm payrolls data. Unexpected changes may impact the US dollar and gold prices.

USD Chicago PMI:

The Chicago Purchasing Managers' Index (PMI) measures business conditions in the Midwest. A significant shift may influence market sentiment and the demand for gold.

Thursday, March 1:

USD ISM Manufacturing PMI:

The Institute for Supply Management (ISM) Manufacturing Purchasing Managers' Index reflects manufacturing activity in the United States. Positive data may strengthen the US dollar and influence gold prices.

USD Core Personal Income m/m, Personal Spending m/m:

Core Personal Income and Personal Spending data offer insights into income and spending patterns. Changes can impact the US dollar and subsequently influence gold prices.

Conclusion:

The week of February 26 to March 1, 2024, holds a lineup of crucial economic indicators that will likely shape the trajectory of gold prices against the US dollar. Traders and investors should closely monitor inflation indicators, consumer confidence, real estate market conditions, employment data, manufacturing activity, and income/spending patterns. Staying informed and adapting trading strategies based on these economic indicators will be essential for navigating the precious metals market successfully during this period.

Economic Calendar Gold Prices: February 26 - March 1, 2024

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