GOLD OZ: Maintaining price after a series of increasing days
Updated
According to the latest updated chart, the Fed is expected to have one more interest rate hike in 2023. Out of the 12 Fed members, 12 support an additional rate hike, while 7 oppose it. Additionally, the US Central Bank has also indicated that they will carry out fewer interest rate cuts in the coming year compared to previous projections.
However, when Fed Chairman Powell began the press conference, the price of gold declined throughout the hour-long meeting. Jerome Powell stated that the Fed is prepared to keep interest rates higher for longer than anticipated in order to bring inflation back to the 2% target, and the possibility of a rate hike is still under consideration at the monetary policy meeting in November or December.
However, when Fed Chairman Powell began the press conference, the price of gold declined throughout the hour-long meeting. Jerome Powell stated that the Fed is prepared to keep interest rates higher for longer than anticipated in order to bring inflation back to the 2% target, and the possibility of a rate hike is still under consideration at the monetary policy meeting in November or December.
Note
Evaluating gold's performance, some analysts say that, despite Mr. Powell's hawkish views, gold still maintains its position when the market only sees a 50/50 chance of a profit increase. again this year.Note
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