- Hopes of an interest rate cut by the Federal Reserve at the June policy meeting keep the US Dollar bulls on the defensive and continue to act as a tailwind for the non-yielding Gold price amid geopolitical risks.
- The US CPI report released on Tuesday indicated some stickiness in inflation, which might force the Fed to stick to its higher-for-longer narrative and hold back the XAU/USD bulls from placing fresh bets.
- Investors remain concerned about geopolitical risks stemming from the prolonged Russia-Ukraine war, and the Israel-Hamas conflict, which further seems to benefit the precious metal’s safe-haven status.
- Russian President Vladimir Putin said on Wednesday that it would be considered a significant escalation of the conflict if the US sent troops to Ukraine and that Moscow was ready for a nuclear war.
- An Israeli attack hit a UN aid distribution centre in Rafah, while Lebanon’s Hezbollah said two of its fighters were killed in the Bekaa Valley after Israel launched a strike on the area for a second straight day.
- A report from US news site Politico noted that senior US officials have told their Israeli counterparts that the Biden administration will support the targeting of high-value Hamas targets in and underneath Rafah.
- The uncertainty over the Fed's rate-cut path keeps the US Treasury bond yields elevated, which helps limit any meaningful USD fall and should cap any meaningful appreciating move for the precious metal.
- Traders now look to Thursday's US macro data – monthly Retail Sales, the Producer Price Index and Weekly Jobless Claims – for some impetus, though the focus remains on next week's FOMC policy meeting.
已編輯 17 Mar 2024, 14:57
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