Gold, Silver

January PCE Report

PCE Report January 2024

The PCE Report release today pushed gold prices up, trading in the $2,060 range. Silver prices are also on the rise, trading close to $23.

The fear of inflation increases were put to rest with the latest PCE report. Inflation rose in line with economists’ expectations of .04% for the month and 2.8% on an annual basis. This has been the lowest core reading since February 2021. However, this is still ahead of the Fed’s goal for 2% annual inflation. Inflation is proving more stubborn than policymakers at the Federal Reserve had hoped. Speculation that earlier rate cuts will happen soon have diminished. According to the CME Fedwatch tool, there’s now a 54% probability that rate cuts won’t start until June – signaling a potentially bullish market for precious metals by summer.

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Catch up on the latest CPI release and FOMC meeting for January 2024 to know when to invest in your bullion collection. Ready to invest? Shop Gold, Silver and Platinum on today and we’ll help you get started!