Gold price (XAU/USD) has fallen to around $1,940 and it is exposed to more downside amid multiple headwinds. The precious metal loses shine due to no significant escalation in Middle East tensions, hawkish messages from Federal Reserve (Fed) Chair Jerome Powell and his colleagues, and uncertainty ahead of the US Consumer Price Index (CPI) data for October, which will be published on Tuesday.
The appeal for Gold diminished significantly after Jerome Powell said he was less confident that the current interest rate policy is sufficiently restrictive to get inflation under control. Further action in the US Dollar, bond markets and the Gold price will be guided by US inflation data, which will dictate whether more interest rate hikes are needed.
Gold Buy 1945
Tp 1952
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Tp 1970
The appeal for Gold diminished significantly after Jerome Powell said he was less confident that the current interest rate policy is sufficiently restrictive to get inflation under control. Further action in the US Dollar, bond markets and the Gold price will be guided by US inflation data, which will dictate whether more interest rate hikes are needed.
Gold Buy 1945
Tp 1952
Tp 1960
Tp 1970
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