Gold experienced a dramatic sell-off today, as two significant economic events converged, causing the precious metal's prices to tumble. The single-day drop of over $80 was the largest since January 8, 2021, reflecting the market's response to the changing economic landscape and announcement by PBC.
The Federal Reserve has been engaged in a battle against inflation through a series of interest rate hikes since March 2022. By raising rates, the central bank aimed to slow economic growth and reduce inflationary pressures, with a target of bringing inflation down to 2%. Recent inflation reports indicate that the current rate stands at 2.7%.
Market participants are now turning their attention to next week's Federal Open Market Committee Meeting , scheduled for June 11-12. The FOMC's release of the Summary of Economic Projections containing a new revised dot plot will provide insight into the Federal Reserve's plans and timeline for potential rate cuts this year through 2026.
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