Here is the update on XAUUSD news today, March 1, 2024. Gold prices (XAU/USD) have continued to rise for three consecutive days, nearing one-month highs. Thursday's data showed a decrease in U.S. inflation, supporting hopes for a rate cut by the Federal Reserve (Fed) later this year, impacting gold prices that do not provide yields.
 
However, the rise in gold prices remains uncertain as the U.S. central bank is likely to wait until the June policy meeting to lower borrowing costs. Hawkish prospects support U.S. Treasury bond yields and keep the U.S. dollar stable, limiting gold's gains amid risk-on sentiment.
 
Despite this, gold prices still recorded increases for the second consecutive week, with investors anticipating U.S. macro data at the beginning of the month, including the ISM Manufacturing PMI and revisions to the Michigan Consumer Sentiment Index, which could affect XAU/USD.
 
Gold prices continue to be supported by speculation about a Fed rate cut. U.S. inflation data met market expectations, indicating the potential for a rate cut by the end of the year. Although the Core PCE Price Index rose in January, the CME Group FedWatch Tool shows that the market is considering a rate cut in June.
 
Fed officials, such as Bostic from Atlanta, expressed readiness to cut rates, while Daly from San Francisco emphasized that there is no urgent need. Mester from Cleveland sees more work needed to ease price pressures without changing her view. Williams from New York reinforced the view that the next move is likely a rate cut. High U.S. Treasury bond yields limit gold's rise amid a global risk-on rally.
 
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