Gold price holds ground near $2,380 per troy ounce on Wednesday, hovering close to record highs as traders exercise caution ahead of Israel's response to Iran's air strike on Saturday.
Gold price hovers close to record highs amid market caution ahead of Israel's response to Iran's assault. Israel's third meeting of the war cabinet, initially scheduled for Tuesday, was postponed until Wednesday. Gold demand may encounter hurdles as Fed Chair Powell emphasized that reaching the 2% inflation target will require more time than previously expected.
Powell noted that the US economy has shown significant strength and recent data indicates a lack of substantial progress on inflation this year. He emphasized that achieving the 2% inflation target will take longer than expected. The prospect of higher interest rates typically reduces the appeal of non-yielding assets such as Gold. According to the CME FedWatch Tool, the likelihood of interest rates remaining unchanged in the June meeting has risen to 84.8% from Monday’s 78.7%.
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