Gold prices are soaring as markets react to the Federal Reserve's dovish position, particularly with anticipated comments from Chair Jerome Powell potentially influencing further increases.
The FOMC minutes indicate a potential policy easing in September, contingent on economic data, with a projection of 100 basis points in cuts by year-end.
Following substantial revisions to U.S. nonfarm payrolls, concerns are mounting about the labour market's robustness under high interest rates, intensifying calls for Fed rate cuts.
Geopolitical tensions and the upcoming U.S. elections are also factors driving investors towards gold, reinforcing its status as a safe haven amid uncertainty.
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