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GOLD: Prices Fail to Recover from Post Fed Selloff.

GOLD
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  • Gold tried to rally following its decline post Fed, but the rally ran out of steam into the US close.
  • Opening at US$2,585.35 Gold initially surged higher reaching $2,626.49 just prior to the release of a raft of US economic data, but fell away into the close to finish at $2,594.
  • US overnight data was stronger than expected, bringing into question the rate cuts expectations built into the US market for 2025.
  • Gold has posted strong returns this year on the back of expectations for rate cuts, safe haven demand and news that key Central Banks have started to purchase the precious commodity again.
  • With the Federal Reserve Chairman stating ‘officials would have to see more progress on inflation’ markets have been quick to react with bonds selling off, driving yields higher and pairing back interest rate cut expectations. 
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  • Gold tried to rally following its decline post Fed, but the rally ran out of steam into the US close.
  • Opening at US$2,585.35 Gold initially surged higher reaching $2,626.49 just prior to the release of a raft of US economic data, but fell away into the close to finish at $2,594.
  • US overnight data was stronger than expected, bringing into question the rate cuts expectations built into the US market for 2025.
  • Gold has posted strong returns this year on the back of expectations for rate cuts, safe haven demand and news that key Central Banks have started to purchase the precious commodity again.
  • With the Federal Reserve Chairman stating ‘officials would have to see more progress on inflation’ markets have been quick to react with bonds selling off, driving yields higher and pairing back interest rate cut expectations.