Gold Price Forecast: Having failed to resist above the $1,800 mark, Gold price is extending the previous decline this Thursday, as the United States Dollar (USD) pauses its sell-off alongside the US Treasury bond yields. Investors assess the December US Federal Reserve (Fed) policy decision and Chair Jerome Powell’s comments.
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MCX Gold Silver Update: Prices of gold and silver recovered, as pressure from the dollar appeared to have eased, creating the demand for safe haven Gold which moves slightly higher. The DX retreated slightly after scaling a new 20-year high on Monday near to 115 levels.
- Gold ( Yellow Metal) drops to its lowest level since April 2020 as the relentless USD buying remains unabated.
- The prospects for more aggressive Fed rate hikes, elevated US bond yields underpin the buck.
- Recession fears weigh investors’ sentiment and limit losses for the safe-haven gold (Yellow Metal).
Gold Price Forecast: Gold and silver prices traded higher in the first half of yesterday’s session amidst President Putin’s partial mobilization announcement although investors were cautious ahead of the Fed policy meeting which was scheduled later in the evening.
Gold Price Forecast: Dollar index, yesterday, rose from 107.70 to 109.80; meanwhile amidst higher interest rate expectation a spike in U.S. Yields was also seen. U.S. consumer prices unexpectedly rose in August and underlying inflation accelerated amid rising costs for rents and healthcare.