Gold Holds Above $5,000 as Weak US Data Fuels Rate Cut Bets
Gold prices stabilized above $5,000 per ounce as disappointing US retail sales data reinforced expectations for Federal Reserve rate cuts. The precious metal gained 0.6% to $5,052.11 during Asian trading hours, recovering nearly half its losses from January's record highs.
Silver outperformed with a 3.4% surge to $83.5555, while platinum and palladium both advanced over 2% as investors diversified from traditional assets. The dollar extended its decline for a fourth consecutive session, down 1.3% during the period—a tailwind for dollar-denominated commodities.
Market participants now await Wednesday's nonfarm payrolls and Friday's CPI data for further clues on monetary policy direction. Major banks including BNP Paribas project gold reaching $6,000 by year-end, with Deutsche Bank and Goldman Sachs echoing bullish forecasts.
