Gold plummeted after a record rise
World gold prices decreased slightly with spot gold down 5.1 USD to 2,181 USD/ounce. Gold futures last traded at 2,183.9 USD/ounce, down 5.6 USD compared to yesterday morning.
Although almost unchanged compared to yesterday morning, the price of the yellow metal has dropped sharply during the day. On March 21 (US time), gold continuously conquered record highs thanks to the dovish speech of the US Federal Reserve (Fed) at the latest policy meeting. The precious metal hit an all-time high of $2,222.39 per ounce as the Fed signaled it would continue to cut interest rates three times in 2024 despite rising inflation.
Despite rising inflation, Fed Chairman Jerome Powell still said that the US Central Bank has the ability to reduce interest rates by three-quarters of a percentage point by the end of 2024. However, the Fed's decision will depend on data. The economy is here. The Fed's stance pushed the dollar to its lowest level in a week, while also causing US 10-year Treasury yields to fall. Meanwhile, gold prices continuously increased.
Witnessing strong buying force after the meeting, Reuters technical analyst Wang Tao optimistically predicted that spot gold could retest the resistance level at 2,222 USD/ounce. If this threshold is broken, this precious metal can conquer levels in the range of 2,228 - 2,234 USD/ounce.
Although almost unchanged compared to yesterday morning, the price of the yellow metal has dropped sharply during the day. On March 21 (US time), gold continuously conquered record highs thanks to the dovish speech of the US Federal Reserve (Fed) at the latest policy meeting. The precious metal hit an all-time high of $2,222.39 per ounce as the Fed signaled it would continue to cut interest rates three times in 2024 despite rising inflation.
Despite rising inflation, Fed Chairman Jerome Powell still said that the US Central Bank has the ability to reduce interest rates by three-quarters of a percentage point by the end of 2024. However, the Fed's decision will depend on data. The economy is here. The Fed's stance pushed the dollar to its lowest level in a week, while also causing US 10-year Treasury yields to fall. Meanwhile, gold prices continuously increased.
Witnessing strong buying force after the meeting, Reuters technical analyst Wang Tao optimistically predicted that spot gold could retest the resistance level at 2,222 USD/ounce. If this threshold is broken, this precious metal can conquer levels in the range of 2,228 - 2,234 USD/ounce.
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