Gold prices are currently on the path to recovery after experiencing losses over the past four weeks. They are now trading around $1,915 USD following Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Symposium today. The cautious approach of gold reflects each step taken amidst these developments.
Despite the improvement in the US dollar (USD), precious metals have demonstrated resistance. The recovery of the USD has been driven by moderate employment data in the United States, leading market sentiment to remain cautious as investors seek additional signals regarding inflation prospects.
Despite the improvement in the US dollar (USD), precious metals have demonstrated resistance. The recovery of the USD has been driven by moderate employment data in the United States, leading market sentiment to remain cautious as investors seek additional signals regarding inflation prospects.
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US inflation fell by two thirds from 9.1% to 3.2% in July. The labor market is still good, unemployment is low, Americans are still increasing consumer spending.
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“There is an expectation that most Fed speakers will continue to emphasize the importance of controlling inflationary pressures,” said David Meger, director of metals trading at High Ridge Futures.
