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Gold Price Forecast: XAU/USD drifts lower to $3,350 despite Powell’s dovish signal-fx
XAU/USD Slides to $3,350 Despite Fed Chair Powell’s Dovish Tone
Gold Stays Around $3,370 Per Ounce Following Fed Chair Jerome Powell's Hint At A Possible Rate Cut In September, With Traders Expecting An 85% Chance Of Easing As Treasury Yields Decrease And The Dollar Weakens. 💰📉
Gold prices hovered between $3,350 and $3,370 an ounce on Monday after Federal Reserve Chair Jerome Powell signaled the central bank could begin lowering interest rates as soon as its September meeting. Swap contracts tied to Fed policy implied an 85% probability of a cut, pushing Treasury yields lower and weighing on the dollar. The prospect of easier monetary policy kept bullion close to recent highs even as hedge funds pared back long positions. Gold has climbed more than 25% so far this year, buoyed by expectations of U.S. easing, persistent geopolitical risks and strong central-bank buying.
