Gold price exceeded the $2,000 mark again for the first time in five months and a half on Friday.
Economists at Commerzbank analyze the yellow metal’s outlook. Gold to lose momentum if the tailwind lent by buying by speculative investors abates The increase in the Gold price is likely to lose momentum if the tailwind lent by buying by speculative investors abates. Furthermore, it is possible that the Fed might have to raise its key rate again after all, contrary to what the market currently expects.
At the press conference following the Fed meeting, Fed Chair Powell will probably leave the door open to another rate hike in December. What is more, it remains to be seen whether Friday’s data will indicate the cooling that is hoped for in the US labour market. If this fails to materialise yet again, a Fed rate hike in December could become more likely again.
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