In early Asian trading on Tuesday, gold prices struggled to gain momentum as traders anxiously awaited the upcoming U.S. Federal Reserve meeting for insights into its plans for monetary tightening.
At 0110 GMT, spot gold (GOLD) remained relatively unchanged at $1,955.24 per ounce, while U.S. gold futures (GOLD) edged up 0.1% to $1,958.80.
The dollar (DXY) remained steady at 99.88, hovering near its lowest point since April 2022, which was recorded at 99.58.
Market indicators for interest rates indicated expectations of another rate hike during the Fed's meeting on July 25-26, with projections of rate cuts extending well into 2024.
Fed Chair Jerome Powell had previously emphasized that a majority of members believed two additional rate increases would be necessary.
In the final comments from the central bank leadership before the blackout period on public statements ahead of the July meeting, Fed Governor Christopher Waller argued for a tighter monetary policy.
Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold.
Treasury Secretary Janet Yellen, in an interview with Bloomberg TV on Monday, expressed her belief that the U.S. economy would not enter into a recession.
Jan Hatzius, the chief economist at Goldman Sachs, announced that the bank was reducing its probability forecast of a U.S. recession beginning within the next 12 months from 25% to 20%.
China's economy experienced sluggish growth in the second quarter, increasing pressure on policymakers to implement additional stimulus measures to support economic activity.
XAUUSD
SELL LIMIT 1961 - 1964 💯💯
✅ TP1: 1956
✅ TP2: 1951
✅ TP3: 1946
🛑 SL: 1967
At 0110 GMT, spot gold (GOLD) remained relatively unchanged at $1,955.24 per ounce, while U.S. gold futures (GOLD) edged up 0.1% to $1,958.80.
The dollar (DXY) remained steady at 99.88, hovering near its lowest point since April 2022, which was recorded at 99.58.
Market indicators for interest rates indicated expectations of another rate hike during the Fed's meeting on July 25-26, with projections of rate cuts extending well into 2024.
Fed Chair Jerome Powell had previously emphasized that a majority of members believed two additional rate increases would be necessary.
In the final comments from the central bank leadership before the blackout period on public statements ahead of the July meeting, Fed Governor Christopher Waller argued for a tighter monetary policy.
Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold.
Treasury Secretary Janet Yellen, in an interview with Bloomberg TV on Monday, expressed her belief that the U.S. economy would not enter into a recession.
Jan Hatzius, the chief economist at Goldman Sachs, announced that the bank was reducing its probability forecast of a U.S. recession beginning within the next 12 months from 25% to 20%.
China's economy experienced sluggish growth in the second quarter, increasing pressure on policymakers to implement additional stimulus measures to support economic activity.
XAUUSD
SELL LIMIT 1961 - 1964 💯💯 ✅ TP1: 1956
✅ TP2: 1951
✅ TP3: 1946
🛑 SL: 1967
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