⚡️The dollar’s first weekly retreat in two months threw another lifeline at gold on Friday, helping secure the yellow metal’s hold on $1,900 territory and score a modest weekly gain of its own.
⚡️Spot gold’s ability to hold on to $1,900 support came under the spotlight this week after the headline reading for the U.S. Consumer Price Index surged beyond expectations for a second month in a row, boosting concerns about inflation and the potential for the Federal Reserve to get aggressive with interest rates again.
⚡️Global markets are adjusting to a new outlook for rate hikes after the European Central Bank on Thursday raised rates to a record high of 4% even as it signaled that hike to be its last.
⚡️The central bank’s desired inflation remains at a max 2% per year and it has vowed to get there with more rate hikes if necessary.
⚡️Please share your ideas with me, I'm looking forward to it.