Advertisements
Home Gold News Gold Hits Record Highs Despite Firm US Dollar and Hawkish Fed Comments

Gold Hits Record Highs Despite Firm US Dollar and Hawkish Fed Comments

by anna

During the North American session on Thursday, gold prices rallied to a new all-time high of $2,225, signaling a bullish trend in precious metal markets. This surge comes even as US Treasury yields advance, providing support for the Greenback. Hawkish comments from a Federal Reserve (Fed) policymaker and robust economic data from the United States (US) continue to buoy both the US Dollar and gold prices. As of the mid-North American session, XAU/USD trades at $2,221, reflecting a gain of more than 1.20%.

Fed Governor Christopher Waller emphasized that the US central bank is not in a rush to implement rate cuts, despite anticipating the beginning of an easing cycle. However, he emphasized the need for several months of evidence indicating a reduction in inflation towards the Fed’s 2% target.

Advertisements

On the data front, the US economy exhibited faster-than-expected growth. Additionally, the latest Initial Jobless Claims (IJC) report indicates a tight job market. Furthermore, a poll from the University of Michigan revealed an improvement in consumer sentiment, while Pending Home Sales in February surpassed January’s figures.

Advertisements

Looking ahead, gold traders are focusing on the release of the Fed’s preferred gauge for inflation, the Core Personal Consumption Expenditure (PCE) price index for February. This data release is anticipated to provide further insights into the trajectory of both inflation and gold prices in the coming weeks.

Advertisements
Advertisements

You may also like

Lriko logo

Lriko is a gold portal website, the main columns include gold pricespot goldsilver pricespot silvergold futures, nonfarm payroll, gold basics, gold industry news, etc.

© 2023 Copyright  lriko.com