Gold prices continued to rally and touched the highest since March 2022, after weak U.S. job openings data revived expectations of a slower Fed rate hike. Spot Gold Price rose 0.2% to $2,023.93 a troy ounce.

Analysts believe gold has a good chance to consolidate above the $2,000 level as the weakening outlook for interest rates reduces the opportunity cost of owning the non-interest-bearing precious metal.

“God loves a trinity: gold probed above the $2,000 level in both August 2020 and March 2022. This time around, the precious metal looks like it could maintain momentum as dark clouds thicken over the economy,” said analyst Ross Norman.

He said weak economic data shifted the focus from fighting inflation to bailing out the economy.

Gold rose 2 percent Tuesday after data pointed to a cooling labor market as the number of U.S. job openings in February fell to its lowest since May 2021.

The dollar index to a basket of six major currencies 

DXY was slightly moved at 101.67, near a two-month low. The dollar’s retreat made the precious metal more attractive to holders of other currencies.

The euro-area economic recovery gained momentum last month, but the rebound was uneven across countries. A Reuters poll showed the ECB may raise rates by 25 basis points during meetings in May, June and July.

While markets expect a pause in U.S. rate hikes in May, Cleveland Fed Governor Loretta Mester said the regulator is likely to raise rates more than once more, pushing the maximum borrowing cost above 5%. Traders are also waiting for U.S. nonfarm payrolls data on Friday.

Earlier we reported that Argentina had promised to give up the dollar.