❗️Gold Retreats as Federal Reserve Signals Readiness for Further Tightening❗️
Gold prices experienced a modest retreat, hovering below the $2,000 mark, driven by the hawkish tone in the recent Federal Reserve meeting minutes. The minutes indicated the Fed's commitment to further policy tightening if needed to control inflation, leading to a shift away from non-yielding assets like gold. While policymakers expressed no urgency in raising interest rates again, the market anticipates a potential rate cut starting as early as next year. The US Dollar, despite a rebound, struggles to capitalize on its gains, creating a cautious outlook for gold, with a need for substantial follow-through selling before expecting a further decline.
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