In an interview with Kitco News, Robert Minter, Chief Investment Strategist at abrdn, said that Fed Chairman Jerome Powell's testimony before Congress last week appears to be the turning point the market has been waiting for. long time ago.
During a two-day hearing on Capitol Hill, Fed Chairman Jerome Powell told Congress that risks to the economy now hang in the balance. "Rising inflation is not the only risk we face," Mr. Powell emphasized in prepared remarks.
Immediately after these comments, gold prices held the $2,400 support level and even surpassed the peak of the two-month accumulation period. The August gold futures contract set a new record at a price of 2,470.20 USD/oz.
This breakthrough took place in the context that the market was almost completely confident that the Fed would reduce interest rates in September.
Mr. Robert Minter, Director of Investment Strategy at abrdn, said he was not surprised by Powell and the Fed shifting their focus away from inflation. He noted that rising consumer debt in a high interest rate environment could pose significant risks to the economy.
During a two-day hearing on Capitol Hill, Fed Chairman Jerome Powell told Congress that risks to the economy now hang in the balance. "Rising inflation is not the only risk we face," Mr. Powell emphasized in prepared remarks.
Immediately after these comments, gold prices held the $2,400 support level and even surpassed the peak of the two-month accumulation period. The August gold futures contract set a new record at a price of 2,470.20 USD/oz.
This breakthrough took place in the context that the market was almost completely confident that the Fed would reduce interest rates in September.
Mr. Robert Minter, Director of Investment Strategy at abrdn, said he was not surprised by Powell and the Fed shifting their focus away from inflation. He noted that rising consumer debt in a high interest rate environment could pose significant risks to the economy.
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