XAU/USD prediction for the first day of September
Investors' hopes of another rate hike further undermined the precious metal's role as a safety net, and gold continued its 'shocking' decline today. That's why Cleveland Fed Chairman Loretta Mester said the Fed would have to raise interest rates to 4% in early 2023 and hold them there in order to bring inflation down to its target level.
Expectations of higher US interest rates have had a significant impact on gold and US dollar prices. USD Index - The index has risen for the third month in a row. In August 2022 alone, the dollar gained 2% against the euro and 4% against the pound. Moreover, gold fell as the market received August's US jobs report, which showed a modest increase in 132,000 jobs, well below the 300,000 gain the market had expected.
Markets are awaiting the official August employment data released by the US Department of Labor on Friday morning local time. 325,000 new jobs are expected in August.
UBS analyst Giovanni Staunovo expects gold prices to fall to $1,600 an ounce by the end of the year as Federal Reserve Chairman Jerome Powell is determined to keep inflation down through monetary tightening. Predicting. As a result, US real interest rates will rise and the dollar will appreciate.
Expectations of higher US interest rates have had a significant impact on gold and US dollar prices. USD Index - The index has risen for the third month in a row. In August 2022 alone, the dollar gained 2% against the euro and 4% against the pound. Moreover, gold fell as the market received August's US jobs report, which showed a modest increase in 132,000 jobs, well below the 300,000 gain the market had expected.
Markets are awaiting the official August employment data released by the US Department of Labor on Friday morning local time. 325,000 new jobs are expected in August.
UBS analyst Giovanni Staunovo expects gold prices to fall to $1,600 an ounce by the end of the year as Federal Reserve Chairman Jerome Powell is determined to keep inflation down through monetary tightening. Predicting. As a result, US real interest rates will rise and the dollar will appreciate.
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