Spot Gold rallied to an all-time high of $2,483.60 on Wednesday as market players kept dampening the US Dollar on the back of mounting speculation the Federal Reserve (Fed) will cut interest rates in the September meeting.
XAU/USD Current price: $2,456.23 The US Dollar corrects higher after reaching extreme oversold conditions. Better-than-anticipated United States data helped the Greenback in the near term. XAU/USD corrects after reaching record highs, the overall bullish stance persists. Spot Gold rallied to an all-time high of $2,483.60 on Wednesday as market players kept dampening the US Dollar on the back of mounting speculation the Fed eral Reserve will cut interest rates in the September meeting.
It is also worth remembering that Chairman Jerome Powell has repeated multiple times that decisions will be made meeting by meeting and depend entirely on macroeconomic developments. On Thursday, the European Central Bank will announce its decision on monetary policy. President Christine Lagarde and co. are widely anticipated to keep interest rates on hold this time after trimming them by 25 basis points in the previous meeting.
XAUUSD Recommended Fed Sentiment
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