XAUUSD: Gold will likely recover strongly at the end of the week
XAU/USD decreased slightly, currently trading around 2,314 USD/ounce. Yesterday, XAU/USD turned down after the Federal Reserve (Fed) signaled that there would only be one interest rate cut this year in the context of inflation still far from the target level.
The Fed kept interest rates steady on Wednesday, while policymakers forecast just one rate cut in 2024.
Jeffrey Christian, Managing Partner at American Government Group, commented: “The Fed neither lowered nor raised interest rates, so investors turned to less risky assets, including gold, thus the price of gold. increased very high and profit taking took place."
Fed Chairman Jerome Powell said the inflation outlook issued by the Fed is a “rather conservative forecast,” that may not be confirmed by upcoming data and could be adjusted.
Mr. Powell added that the better-than-expected CPI inflation data was something officials welcomed.
The Fed kept interest rates steady on Wednesday, while policymakers forecast just one rate cut in 2024.
Jeffrey Christian, Managing Partner at American Government Group, commented: “The Fed neither lowered nor raised interest rates, so investors turned to less risky assets, including gold, thus the price of gold. increased very high and profit taking took place."
Fed Chairman Jerome Powell said the inflation outlook issued by the Fed is a “rather conservative forecast,” that may not be confirmed by upcoming data and could be adjusted.
Mr. Powell added that the better-than-expected CPI inflation data was something officials welcomed.
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