Gold suddenly dropped in price shockingly
Updated
Hello everyone, it's fantastic to reconnect with you today, especially as we dive into the topic of XAUUSD!
Today, we've seen a shift in gold prices, descending from $2,054 to $2,028 per ounce by Wednesday morning. This seems partly due to comments from officials at the U.S. Federal Reserve (FED), indicating that the U.S. is still far from reaching its inflation target of 2%.
Consequently, the FED isn't rushing to cut interest rates and will consider doing so only when there's a more significant decrease in inflation. This has led to speculations that the FED will maintain its current interest rate after its meeting concludes on January 31.
Following this news, the U.S. Dollar Index rose to 103.35 points. The strengthening of the USD is putting downward pressure on gold prices, potentially pushing them towards a support zone around $2,015.
What are your thoughts on the future trajectory of gold prices?
Today, we've seen a shift in gold prices, descending from $2,054 to $2,028 per ounce by Wednesday morning. This seems partly due to comments from officials at the U.S. Federal Reserve (FED), indicating that the U.S. is still far from reaching its inflation target of 2%.
Consequently, the FED isn't rushing to cut interest rates and will consider doing so only when there's a more significant decrease in inflation. This has led to speculations that the FED will maintain its current interest rate after its meeting concludes on January 31.
Following this news, the U.S. Dollar Index rose to 103.35 points. The strengthening of the USD is putting downward pressure on gold prices, potentially pushing them towards a support zone around $2,015.
What are your thoughts on the future trajectory of gold prices?
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