Gold price had a neutral trade on Tuesday, as focus shirted on key U.S. inflation data and Fed testimony that could shed more light on the Federal Reserve’s interest rates trajectory. Testifying before the Senate Monetary Policy Banking Committee, Powell offered entertaining headlines that helped the US dollar. He said,
The price of gold rose by more than one percent on Wednesday. Prices rose near two-week highs after weaker-than-expected US economic data fueled predictions that the Federal Reserve could cut interest rates by September. Meanwhile, the FOMC meeting minutes indicated that “several participants” are prepared to raise interest rates if
The price of gold jumped above a two-week high on Thursday, as the Federal Reserve expected to cut interest rates this year. Expectations were boosted by the release of weaker US economic data, which added to recent signs of slowing economic growth. Meanwhile, the position of the Bank of England
The dollar struggled for direction as US economic data weighed on the pace of US rate cuts, but political turmoil in Europe supported a weaker euro. Gold price traded neutral to positive Meanwhile, the pound rose after data showed UK services inflation was stronger than expected. British inflation in May
The Gold price today received support yesterday after a lower-than-expected US inflation report, increasing the likelihood that the Federal Reserve (Fed) will cut interest rates later this year. However, the Fed’s dovish stance and Fed Chairman Jerome Powell’s failure to time rates prompted interest rate cuts. Federal Reserve holds rates
The Gold price today recovered from yesterday’s lows as weaker-than-expected US economic data on expectations that the Federal Reserve will cut interest rates later this year lifted the dollar and bond yields. Strong expectations that the Federal Reserve (Fed) will cut interest rates later this year supported yesterday’s rally. Bets
The year 2024 has seen gold’s (XAU/USD) experiencing remarkable highs, with a peak in early May. However, the recent correction in its price, retreating over 4% from its highs, suggests a shift in investor sentiment. This correction indicates a potential weakness in the near term as underlying and fundamental drivers
The gold price today fell sharply by more than three percent. It was the biggest weekly drop since October 2022. Expectations of a US interest rate cut started to fade after the Fed barked in the last few minutes. The minutes of the Fed’s last meeting showed a direct debate
👉Factors Driving the Bullish Momentum The recent dynamics in the market have been influenced by several key factors, including the impact of US Consumer Price Index (CPI) data, the performance of the US dollar, and fluctuations in US yields. The CPI, in particular, has played a pivotal role in shaping
The economic data for the day is in. The dollar rose yesterday after data showed US import prices rose 0.9% last month, adding to market fears that the Federal Reserve’s fight to contain inflation has stalled and could be delayed policy makers from cutting interest rates. The market also was
