Gold Price Analysis: XAU/USD consolidates in $1860 area ahead of Fed speak onslaught By Frank_Macro XAUUSD Gold Fed
Gold is consolidating in the $1,860 area amid a mixed, indecisive feel to trade after Monday’s risk-off session.Broader marketremains mixed and indecisive in the hours prior to the start of the US session, after a resoundingly risk-off Monday. For now, US equity index futures are trading higher in the pre-market amid a rebound in their European peers, while bond yields on both sides of the Atlantic continue to pull back from multi-month/year highs hit on Monday.
Fed policymakers have thus far seemed very much on board with the policy signal sent by Fed Chair Jerome Powell in wake of last week’s policy meeting and Tuesday’s speakers are expected to stick to the script. Essentially, the Fed wants to get interest back to neutral by the end of the year and then assess the degree to which it needs to continue lifting interest rates, which will depend on how bad the inflation problem still is.
A big reason for the recent pullback in risk assets , as well as in precious metals, has been fears that they will be taking interest rates into outright “restrictive” territory . Demand for gold tends to fade as the “opportunity cost” of holding non-yielding assets rises .
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