Gold price (XAU/USD) turned lackluster after defending the critical support of $1,900.00 on Monday. The precious metal consolidates as investors prepa
at Jackson Hole said that the achievement of price stability has a long way to go. Powell kept doors open for further policy tightening if economic data continues to remain supportive. After Powell’s commentary, investors expect that the central bank could raise interest rates in November as a last nail in the coffin.Gold price consolidates above $1,910.00 as investors digest the impact of the hawkish commentary from Fed Chair Jerome Powell at the Jackson Hole Symposium.
The precious metal could face some selling pressure as Cleveland Fed Bank President Loretta Mester said she supports one more interest rate hike, though not necessarily in September. About rate cut discussions, Fed Mester is in favor of re-evaluating it in the second half of 2024. She believes that the central bank has a good shot at attaining 2% inflation without damage to the real economy.
US hiring has slowed down in the past few months, but the Unemployment Rate has remained at historic lows and wage growth has been strong. The US Dollar Index remains supported around 104.00 and is expected to turn lackluster as investors prepare for crucial economic indicators.Gold price turns sideways around $1,915.00 after defending the crucial support of $1,900.00 as investors digest Powell’s hawkish commentary at the Jackson Hole Symposium. On a broader note, the precious metal is auctioning in a range of $1,904-$1,922 from Thursday.
The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing . QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system.
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