Gold price rises on dollar pullback, hopes of slower Fed rate hike. gold dollar fed
The US central bank delivered a fourth consecutive 75-basis-point rate hike earlier this month to tame soaring inflation. However, traders are now pricing in a 50-basis-point increase at the Fed’s December meeting after minutes of the last policy meeting signalled a slower pace of hikes.
Investor focus will be on Fed Chair Jerome Powell’s speech at a Brookings Institution event on Wednesday, which could offer more clarity on the central bank’s policy stance. “A potential recovery in the dollar and still-rising interest rates around the world means investors might shy away from low- and zero-yielding assets like gold,” Fawad Razaqzada, market analyst at City Index, said in a note.
Traders also kept a close tab on unrest in top bullion consumer China as police were out in force in Beijing and Shanghai to prevent more protests against covid-19 curbs.
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