Gold prices was hovering near $2,300 on Friday after Fed Chair Powell said it was unlikely that the central bank’s next move will be a rate hike. The comment dampened demand for the safe-haven asset.
Bullion was on track to register a second straight weekly loss after smashing its record high last month. A strong US dollar and high Treasury yields may have been the culprit that capped the metal’s rally.
The greenback’s performance reflects a realization that the Fed may act later than its peers. The currency tends to rise when the largest central banks eased policy in tandem, the Bloomberg analysis shows.
Since 2017, asset managers have clung to wagers that the dollar will fall, heightening the risk of a brutal trend reversal should those bets go awry. The bears have been dead wrong again so far.
The WGC said that global gold demand slipped 5% year-over-year in Q1, due to continued ETF outflows but central banks added 290 tons of gold on a net basis in their holdings.
India's gold demand in that period rose 8% from a year ago, but recent rallies in prices could cut its total consumption in 2024 to the lowest in four years, according to the leading organization in the industry.
The precious metal, as stated earlier, has built solid support around $2,300 with the next major hurdle perching at $2,350. The 50 SMA could be in sigh if the upcoming US jobs report beats expectations.
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