Gold fell below its historic low on Thursday as Federal Reserve Chairman Jerome Powell stressed that recent job growth and higher-than-expected inflation do not significantly change the central bank’s overall monetary strategy. It soared to its highest price.
basics
* spot gold 
Money It rose 0.1% to $2,300.53 an ounce at 0055 GMT, after hitting a record high of $2,302.29 early in the session. Bullion market prices have hit record highs since last Thursday.
*US gold futures Money It rose 0.2% to $2,320.50 an ounce.
* Powell said he and his Fed colleagues generally agree that lowering rates would be appropriate “at some point this year,” “if the economy broadly develops as we expect.” Stated.
*Traders are pricing in a 62% chance that the Fed will start cutting interest rates in June, according to CME Group’s FedWatch tool. When interest rates fall, the opportunity cost of holding bullion decreases.
*The dollar is expected to hold firm over the coming months as markets continue to dial back expectations for the timing and size of the Fed’s interest rate cuts, according to a Reuters survey of foreign exchange strategists.
* Russia’s Ministry of Finance has announced that it will more than double its purchases of foreign currency and gold over the next month.
* Hedge funds ended the first quarter with gains across a variety of strategies, investors said, as gains in stocks, some commodities and the dollar helped the bond industry weather a downturn.
– The African Development Bank is believed to be the most likely financier for Caledonian Mining Corporation’s (CMCL.KCALq.L) planned $250 million gold mine in Zimbabwe.
* spot silver 
XAGUSD1! Platinum rose 0.1% to $27.24 an ounce. 
PL1! Palladium rose 0.2% to $938.93. 
XPDUSD1! It rose 0.9% to $1,022.50.
Data/Event (GMT)
0500 India HSBC: Services – Business Activities March
0750 France HCOB Services, Comprehensive PMI March
0755 Germany HCOB Services, Comprehensive PMI March
08:00 Eurozone HCOB Services, March Composite PMI
0830 UK S&P Global PMI: Overall – March Production
09:00 Comprehensive risk across Germany Q2
09:00 Comprehensive risk across France Q2
09:00 UK-wide Comprehensive Risk Q2
09:00 Russia Comprehensive Risk 2nd Quarter
1230 US International Trade $ February
1,230 new U.S. unemployment claims filed each week
