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The precious metals market has witnessed a remarkable phenomenon as gold prices take a momentary breather from their recent record-breaking rally. Traders and investors are now poised for the next significant driver that could propel the yellow metal to new heights.
This minor setback in gold prices can be largely attributed to the strength of the US dollar. The dollar index edged up by 0.13% to 101.776, closely mirroring gold's 0.15% decline. It's worth noting that gold had reached an all-time high of $2,560.30 just days earlier, putting the recent pullback into perspective as a mere blip in its overall upward trajectory.
The Federal Reserve's shifting focus has also played a crucial role in gold's recent performance. Fed Chairman Jerome Powell's recent remarks at Jackson Hole, Wyoming, emphasized a pivot towards prioritizing employment within the central bank's dual mandate. With inflation projected to reach the 2% target next year, attention is now turning to potential weaknesses in the labor market.
Currently, the CME's FedWatch tool indicates a 100% probability of a rate cut in September, with a 63% chance of a 25-basis point reduction and a 37% likelihood of a more substantial 50-basis point cut.
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