29/05/2024
Gold Price Edges Lower Amid Fed’s Hawkish Remarks
📰 Gold prices give up gains on Wednesday amid a modest USD recovery and hawkish Fed comments. Strong US data and inflation concerns are weighing on the precious metal. Traders are watching the Fed’s Beige Book and John Williams’ speech today. The Core PCE Price Index release on Friday could further influence market sentiment.
🔍 Key Points:
• Fed’s hawkish stance and stronger US data bolster USD.
• Geopolitical tensions and central bank demand support gold.
• Technical analysis shows gold remains bullish long-term above key levels.
• UBS analysts forecast gold could reach $2,600 by year-end.
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