Gold prices today, August 17th, have reached a new low during the session as the Federal Reserve's minutes signaled concerns about interest rate hikes.
The minutes provided little information about the monetary policy decision for September. The Federal Open Market Committee (FOMC) stated that interest rate hikes will still depend on data. However, the minutes hinted at a slight tightening trend.
The strong tightening of monetary policy by the Federal Reserve has been a major obstacle and challenge for gold and precious metals. The FOMC minutes also showed that inflation remains a focus for the committee. Some participants believe that interest rates need to be raised higher in order to bring consumer prices back to the central bank's target of 2%.
This has made it difficult for gold prices to find opportunities for an upward trend recently.
The minutes provided little information about the monetary policy decision for September. The Federal Open Market Committee (FOMC) stated that interest rate hikes will still depend on data. However, the minutes hinted at a slight tightening trend.
The strong tightening of monetary policy by the Federal Reserve has been a major obstacle and challenge for gold and precious metals. The FOMC minutes also showed that inflation remains a focus for the committee. Some participants believe that interest rates need to be raised higher in order to bring consumer prices back to the central bank's target of 2%.
This has made it difficult for gold prices to find opportunities for an upward trend recently.
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While ANZ remains bullish on gold, the current lackluster environment has prompted the bank to push back on its prediction of a new record high. The Bank of Australia forecasts prices to average around $2,050 an ounce by the fourth quarter of 2023. Prices are expected to hit a new high by the end of the first quarter of 2024, with prices averaging around $2,100.
