Gold, Silver

February CPI Release

February CPI Release 3.12.24

The Bureau of Labor Statistics’ February CPI release had an immediate impact on markets this morning; gold spot prices decreased by more than 1% to trade in the $2,165 range. Similarly, silver spot prices dropped to trade in the low $24 range. The February CPI release showed a 3.2% rise over the previous 12 months in February, slightly more than the predicted 3.1% forecast. With hotter than expected inflation in both January and February, the inflation front could affect potential rate cuts.

Update: Despite volatile monthly inflation data for 2024 and a strong job market, Chair Powell confirmed during the March FOMC meeting that interest rates will stay the same since July with 3 projected rate cuts by end of year. Fed continues plan of slowing down its balance sheet with a change of pace reduction adjustment in the near future. Gold prices shoot up, trading around $2,177 after the news. Silver prices boost up too, trading around $25.30.

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