Following the Fed's comments, gold experienced a decline.
Updated
Gold prices saw a decline as the US dollar gained strength and bond yields rose following comments from the Federal Reserve.
Neel Kashkari, the President of the Federal Reserve Bank of Minneapolis, stated in a speech on Monday evening that he anticipates at least one interest rate hike in 2023, with the possibility of rates remaining elevated until 2024.
These remarks mirrored statements made by Federal Reserve Chair Jerome Powell in the previous week. Powell mentioned that persistent inflation and a tightening labor market might lead to another interest rate increase later this year. Powell also tempered expectations of a significant interest rate cut in the coming year, with the Fed's target rate expected to stay above 5% through 2024.
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