Collapse of two banks fuels hopes for Fed slowdown
Bengaluru — Gold prices slipped on Tuesday from a five-week high, but held above the $1,900 level as expectations grew that the US Federal Reserve would dial back its rate hikes after the collapse of two big regional banks.
As the risk environment attempts to stabilise, any less hawkish rate bets were likely to have to seek validation from the upcoming US consumer price index release, that could trigger some profit-taking, IG market analyst Yeap Jun Rong said. Markets are pricing in a 29.4% chance of a pause in rate hikes at next week’s Fed policy meeting. Considered a hedge against economic uncertainties, zero-yield gold also becomes a more attractive bet in a low interest rate environment.
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