Greetings! Today, gold remains stable following a quiet Monday with no significant news releases. Last week, gold hit a new high after Fed Chair Jerome Powell hinted at a possible 0.75% rate cut by the Fed in 2024. The market now sees a 70% chance of a June rate cut, up post-policy meeting.
Gold's outlook is bright, fueled by policy shift expectations, strong central bank demand, and ongoing conflicts. It could easily reach or surpass $2,300/oz in Q2 as traders, previously hesitant, become more emboldened by the rate cut prospects. However, strong economic data could pressure gold prices downward.
Gold's outlook is bright, fueled by policy shift expectations, strong central bank demand, and ongoing conflicts. It could easily reach or surpass $2,300/oz in Q2 as traders, previously hesitant, become more emboldened by the rate cut prospects. However, strong economic data could pressure gold prices downward.
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