US Inflation Preview: What’s Ahead for Gold Prices, the US Dollar and Stocks?

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Gold prices, the U.S. dollar, and stocks will be highly responsive to the February U.S. inflation report, as consumer price index data holds the potential to shape the Federal Reserve's near-term monetary policy outlook.

In terms of projections, headline CPI is forecast to have risen 0.4% last month, bolstered by higher energy costs. This result would have kept the annual rate unchanged at 3.1%. Meanwhile, the core gauge is seen increasing 0.3% m-o-m, leading to a minor downshift in the year-over-year reading to 3.7% from the previous 3.9%.

For an extensive overview of gold’s medium-term outlook, which incorporates insights from fundamental and technical analysis, download our quarterly forecast! Cooler-than-forecast CPI readings would bolster the idea that last month’s data was an anomaly and that progress on disinflation continues. This could give the Fed greater confidence that inflation is on a sustained path towards the 2.0% target, validating the market’s outlook for multiple rate cuts in 2024 and the start of the easing cycle in June.Eager to discover what the future holds for the U.S. dollar? Delve into our quarterly forecast for expert insights.

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