Gold price hits 8-month high on Fed slowdown bets. gold markets
“We are also seeing some flight to safety. Technically, gold looks like it has more room to go because it’s been strong through all these resistance points that we continue to see,” he added.after data showed a moderation in US wage growth and a contraction in activity in services industries in December.
Money market bets show 75% odds of a 25-basis point hike at the Fed’s February policy meeting, with the terminal rate expected just below 5% by June. Traders now await Fed Chair Jerome Powell’s speech at a central bank conference in Stockholm on Tuesday and the closely watched US consumer price index data due later this week, which could offer more cues on the rate hike path.
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