Gold Price Forecast: Even Fed hawkish comments do not seem to be affecting XAU/USD – Commerzbank
Source Fxstreet
Gold is holding up well near the $2,200 mark. Economists at Commerzbank analyze the yellow metal’s outlook.
The market seems to be underestimating the risk that rate cuts will come later and be less substantial
Even hawkish comments from the Federal Reserve do not seem to be affecting the precious metal. Only Wednesday, Fed Governor Christopher Waller stressed that recent economic data would warrant a delay or a reduced amount of interest rate cuts. The market therefore seems to be underestimating the risk that US rate cuts will come later and be less substantial.
Although the median of the top Fed officials' rate projections was unchanged at the last meeting, the distribution showed that only a few of them would have had to upgrade their rate expectations to push the median higher as well.
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The USD/JPY pair is seen consolidating in a narrow band around mid-159.00s during the Asian session on Tuesday as traders opt to wait for the crucial Bank of Japan (BoJ) before placing fresh directional bets.
Gold price (XAU/USD) holds steady near $4,600 during the early Asian session on Wednesday. The precious metal steadies as traders await a key Federal Reserve (Fed) interest rate decision later on Wednesday.
Goldman Sachs ( GS) 's latest precious metals research report on gold ( XAUUSD) price trends presents a "structurally bullish, tactically cautious" dual outlook, maintaining its year-end
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