Non-Farm trading strategy, decrease then increase again
World gold prices continued to increase with spot gold increasing by 14 USD to 2,159.4 USD/ounce. Gold futures last traded at 2,167.3 USD/ounce, up 9.1 USD compared to yesterday morning.
World prices of the yellow metal extended their rally to an all-time high on Thursday as comments from US Federal Reserve Chairman Jerome Powell at a congressional hearing further reinforced expectations. Expectations of loosening monetary policy this year.
At the hearing, Mr. Powell said it is possible that interest rates could be cut this year if the economy is not as expected and there is more evidence that inflation is falling sustainably. The Fed Chairman also emphasized that it will not be long before we see inflation moving towards the target level of 2%.
According to CME's Fedwatch tool, traders are pricing in a 72% chance of a rate cut in June, compared with about 63% on February 29.
World prices of the yellow metal extended their rally to an all-time high on Thursday as comments from US Federal Reserve Chairman Jerome Powell at a congressional hearing further reinforced expectations. Expectations of loosening monetary policy this year.
At the hearing, Mr. Powell said it is possible that interest rates could be cut this year if the economy is not as expected and there is more evidence that inflation is falling sustainably. The Fed Chairman also emphasized that it will not be long before we see inflation moving towards the target level of 2%.
According to CME's Fedwatch tool, traders are pricing in a 72% chance of a rate cut in June, compared with about 63% on February 29.
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