Hawkish Fed narrative accelerates before blackout begins on Saturday garyswagner gold silver
The volatility that led to diminished bullish market sentiment for gold has returned as gold futures broke below $2000.This morning in New York traders witnessed a quick and powerful price drop from the open and high at $2016. Today gold traded to a low of $1982.30 and as of 4:45 PM EST gold futures basis the most active June 2023 contract is down $25.80, or -1.27 %, and fixed at $1993.40.
All week Federal Reserve officials have expressed a resolute narrative conveying that the need for taking interest rates higher remains. This includes an additional rate hike of ¼% in May. According to the CME’s FedWatch tool, there is an 85.7% probability that the Federal Reserve will raise rates by ¼% at the May FOMC meeting. More so there is a 25.
Now another Fed official has expressed the need to continue to raise interest rates. Yesterday Federal Reserve Governor Michelle Bowman said that “more work needs to be done to tame inflation”.
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