Reuters
Gold rally takes a breather as dollar regains some ground
Gold prices edged lower from a more than eight-month high on Monday, but held above the key $1,900 per ounce level on expectations that the U.S. Federal Reserve will be less aggressive on raising interest rates. “The fact that gold has managed to surpass $1,915 in the last few days was a positive signal, and now gold is briefly consolidating,” said Carlo Alberto De Casa, an external analyst at Kinesis Money, adding the main trend remains positive for bullion as investors see smaller rate hikes from the Fed. After sharp rate hikes in 2022, markets are now pricing in a 91% chance of a smaller 25-basis-point increase when the Fed announces its policy decision in February, after data last week showed U.S consumer prices unexpectedly fell in December.
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