Gold price turns bearish as hopes of more rate hikes in September solidify – by Sagar_Dua24 Gold XAUUSD Fed Recession SEO
the United States economy. The precious metal faces the burden of a stellar performance by the US economy in the second quarter, robust demand for durable products, and already tight labor market conditions. The further downside in the Gold price cannot be ruled out as fears of further policy-tightening by the Federal Reserve are renewed.
US GDP grew at a pace of 2.4% in the April-June quarter, much better than estimates of 1.8% delivered by Reuters. In the January-March quarter, GDP expanded by 2.0%. The higher pace of GDP figures has reduced fears of a recession in the US economy. Apart from the US GDP and factory orders, Initial Jobless Claims for the week ending July 21 remained below expectations. Individuals applying for jobless claims for the first time were 221K vs. the expected figure of 235K and prior reading of 228K.
As per the preliminary forecasts, the Fed’s preferred gauge expanded by 0.2% in June, slower than May’s figure of 0.3%. On an annual basis, the economic data is seen declining to 4.2% against a prior release of 4.6%. To safeguard US regional banks in a turbulent environment, US bank regulators released a proposal Thursday that would direct the nation's largest banks to raise their capital, arguing a larger cushion is needed to ensure stability, Reuters reported.Gold price faces pressure after a short-lived recovery move close to $1,956.00 as the US Dollar extends its upside.
If interest rates are high that usually pushes up the price of the US Dollar , and since Gold is priced in Dollars, this has the effect of lowering the price of Gold.The Fed funds rate is the overnight rate at which US banks lend to each other. It is the oft-quoted headline rate set by the Federal Reserve at its FOMC meetings. It is set as a range, for example 4.75%-5.00%, though the upper limit is the quoted figure.
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