GOLD EASED

GOLD EASED

GOLD EASED

GOLD EASED

Gold eased toward $1,830 an ounce on Thursday, erasing gains from the previous session, pressured expectations that the Federal Reserve will continue to aggressively raise interest rates in its fight against inflation. The first resistance will be $1855 on a further rise and first support will be $1832 on a decline.

Gold eased toward $1,830 an ounce on Thursday, erasing gains from the previous session, pressured expectations that the Federal Reserve will continue to aggressively raise interest rates in its fight against inflation. Fed Chair Jerome Powell indicated on Wednesday in his testimony before Congress that the central bank is “strongly committed” to bringing down inflation, while acknowledging the “possibility” of a recession. When asked by a member of the Senate Banking Committee if the Fed could raise rates by as much as 100 basis points at once, Powell said he would never take anything off the table, and officials would make whatever moves were needed to restore price stability. Gold is often viewed as a hedge against inflation and a safe haven asset during economic crises, but higher interest rates raise the opportunity cost of holding non-yielding bullion.

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22 June 2022 14:03

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