Gold prices traded in a narrow range as markets awaited U.S. inflation data

(1) Gold prices traded in a narrow range on Tuesday and are currently trading near $2,170, as investors' focus shifts to U.S. inflation data due later this week, which may provide more guidance on the timing of the Federal Reserve's first rate cut this year. (2) Gold prices hit a record high last week after Fed policymakers said they still expect a 75 basis point rate cut in 2024 despite recent higher inflation data. (3) Chicago Fed President Austan Goolsbee said on Monday that at last week's Fed policy meeting, he expected to cut interest rates three times this year. (4) Fed Governor Tim Cook said on Monday that the Fed needs to be cautious in deciding when to start cutting interest rates. (5) Investors are now focused on the U.S. core personal consumption expenditures (PCE) price index, which is due on Friday. The index is expected to rise by 0.3% in February and remain at 2.8% for the year. (6) According to CME Group's FedWatch tool, traders expect a 70% chance that the Fed will start cutting rates in June. (7) Technical analysts believe that spot gold may retest the resistance level of $2,183 per ounce and may rise to the $2,188-$2,196 range after a breakout