LONDON, Mar 28 (Reuters): Gold rose on Thursday, bound for its biggest monthly rise since November 2022 after a blistering rally fuelled by bets for US interest rate cuts, strong safe-haven demand and central bank buying.
Spot gold was up 0.8 per cent at $2,212.47 per ounce, as of 1059 GMT, on track for a monthly gain of over 8 per cent, and a second straight quarterly rise. US gold futures edged 0.9 per cent higher to $2,232.60.
Gold hit a record high last week after the Federal Reserve anticipated three rate cuts in 2024, and has since held near the all-time peak as traders hunker down for more US data that could influence the central bank's monetary strategy.
"Gold seems to be on standby after a three-day rally with investors on the sidelines ahead of key US data," said FXTM senior research analyst Lukman Otunuga.
On the radar are the weekly US initial jobless claims report due later in the day, followed by the US core personal consumption expenditure (PCE) price index report on Friday.
"More signs of cooling price pressures may reinforce expectations around the Fed cutting rates - ultimately boosting appetite for gold. However, a sticky report is likely to drag the precious metal lower," Otunuga said.
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