Gold futures experienced an uptick during the European trading session.

It reached an early session high of $2,176.80 per troy ounce. Gold is likely to find support at $2,150.20 and resistance at $2,200.

Gabriel Micillo•Friday, March 15, 2024•1 min read

Gold futures rose during Friday’s European session. On the Comex division of the New York Mercantile Exchange.

Gold futures for April were trading at $2,168.10 per troy ounce, marking a 0.03% increase. It reached an early session high of $2,176.80 per troy ounce. Gold is likely to find support at $2,150.20 and resistance at $2,200.

However, they were heading for their first weekly decline in four weeks amid concerns that the Federal Reserve might delay interest rate cuts beyond June, after data showed a larger-than-expected increase in inflation.

The bullion was on track for a weekly drop of around 0.5%, the first since mid-February, and retreated from last week’s record high of $2,194.99, after data indicated that consumer prices in the United States rose above expectations in February. Producer prices also showed some inflationary strength.

Higher-than-expected inflation puts the Federal Reserve under increased pressure to maintain high interest rates for longer, weighing on non-yielding assets like gold.

The Dollar Index futures, which tracks the dollar’s performance against a basket of six major currencies, fell by 0.02% to trade at $102.97.

Meanwhile, on the Comex, silver for May delivery rose by 1.43% to trade at $25.42 per troy ounce, while copper for May delivery increased by 1.38% to trade at $4.10 per pound.

Spot platinum was up 1.1% at $937.95 per ounce; palladium gained 2.6% to $1,097.50; while silver added 1.1% to $25.09. All three metals were headed for weekly gains.

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ABOUT THE AUTHOR See More

Gabriel Micillo

Gabriel is a certified public accountant graduated from UNNE (National University of the Northeast, Argentina) and a software developer, currently pursuing a Master's degree in Finance and Economics. With nearly 8 years of experience working for accounting firms and brokerage firms. Concurrently, he has produced economic and financial reports on the current state of regional economies for the clients of the establishments where he has worked. Additionally, he assisted colleagues like Ignacio Teson in the drafting and editing of articles on similar topics in English language.