The gold market is holding on to solid gains as the Federal Reserve is playing its cards close to its chest, saying that future monetary policy will continue to depend on data.
In the press conference following the central bank's decision to raise interest rates by 25 basis points, Powell said that at this point, the committee is just as likely to raise interest rates in September as it would be to keep them unchanged.
However, he also reiterated his stance that the central bank is not looking at any rate cuts this year.
"We need to stay on task and hold policy at restrictive levels for some time," he said. "The process still has a long way to go."
The gold market was immune to Powell's neutral comments as it holds near session highs. August gold futures last traded at $1,974.20 an ounce, up 0.53% on the day. Some analysts said that goldgold held its gains as some investors expected a more hawkish bias at the press conference.
Powell said that for the central bank even to consider cutting interest rates, it would need to see a credible and sustainable drop in inflation. He added that while consumer prices dropped sharply in June, it is just one report. His message for markets was clear: the Federal Reserve needs to see more data.
GOLD
SELL 1981 - 1983
✅ TP1: 1975
✅ TP2: 1970
🛑 SL: 1988
In the press conference following the central bank's decision to raise interest rates by 25 basis points, Powell said that at this point, the committee is just as likely to raise interest rates in September as it would be to keep them unchanged.
However, he also reiterated his stance that the central bank is not looking at any rate cuts this year.
"We need to stay on task and hold policy at restrictive levels for some time," he said. "The process still has a long way to go."
The gold market was immune to Powell's neutral comments as it holds near session highs. August gold futures last traded at $1,974.20 an ounce, up 0.53% on the day. Some analysts said that goldgold held its gains as some investors expected a more hawkish bias at the press conference.
Powell said that for the central bank even to consider cutting interest rates, it would need to see a credible and sustainable drop in inflation. He added that while consumer prices dropped sharply in June, it is just one report. His message for markets was clear: the Federal Reserve needs to see more data.
GOLD
SELL 1981 - 1983 ✅ TP1: 1975
✅ TP2: 1970
🛑 SL: 1988
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