Gold price today
Updated
Dear readers, at the beginning of the new trading week, gold has clearly broken out of its previous downward trend channel. Currently, the price of gold is trading at $2022, marking a 0.44% increase for the day.
However, many analysts are predicting a short-term decline in the price of gold.
On another note, after the monetary policy meeting and comments from Fed Chairman Powell, it seems likely that the Fed will maintain a "higher rates for longer" stance. As a result, the possibility of a rate cut in March has been ruled out. Powell believes that the meeting minutes could pose a risk to gold as they may reveal or reinforce the hawkish stance that the Fed is pursuing, thereby strengthening the downward momentum of gold.
However, many analysts are predicting a short-term decline in the price of gold.
On another note, after the monetary policy meeting and comments from Fed Chairman Powell, it seems likely that the Fed will maintain a "higher rates for longer" stance. As a result, the possibility of a rate cut in March has been ruled out. Powell believes that the meeting minutes could pose a risk to gold as they may reveal or reinforce the hawkish stance that the Fed is pursuing, thereby strengthening the downward momentum of gold.
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