Gold is heavily affected when the Fed raises interest rates
Gold prices continued to lose money for the third straight day, trading around $1,925 lower in the early trading hours of Thursday's Asian session. As expected, the US Federal Reserve (Fed) maintained its current benchmark policy rate at 5.5% during its meeting on Wednesday.
Precious metal prices are facing downward pressure as the Fed is expected to raise additional interest rates in 2023. Furthermore, the Federal Open Market Committee (FOMC) revealed in the statement monetary policy, predicting inflation to be slightly higher than previously forecast.
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The Fed's rate hike pause was expected, but the hawkish tone suggests interest rates will stay high until 2024. This revision caused significant impact in financial markets.
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Gold is doing very well, despite Mr. Powell's hawkish views. The risks that the economy will break down are rising and eventually bad news for the economy will boost safe-haven flows to gold.
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Kitco News' latest weekly Gold Survey finds market analysts divided between bullish and neutral, while retail investors expect a breakout to the upside or downside from the close trading range This.
🔴 SL: 1910
🟢 TP1: 1923
🟢 TP2: 1928