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After its massive $400+ rally, the gold market continues to consolidate and trend lower as sentiment normalizes. The focus again turns to the Federal Reserve’s monetary policy and interest rates. The latest employment data will provide the Federal Reserve with a sense that the labor market is cooling, easing inflation pressures, but it won’t prompt them to act anytime soon. This will limit gold’s gains in the near term.
After the decision, Powell made it very clear multiple times during his press conference that the Federal Reserve is not looking to raise interest rates. “Gold has proven to be a very powerful diversifier, and that is one of the key reasons that central banks themselves cite us as the reason for holding it,” WGC Director of Global Research Juan Carlos Artigas told Kitco News in an interview.
has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.
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