Gold price rises to 4-month high after BOJ’s surprise policy tweak. gold markets fed
The US Congress was moving forward with a $1.66 trillion government funding bill, scrambling to pass a measure.
“Gold is being given another chance to shine thanks to the dollar’s pullback,” said Han Tan, chief market analyst at Exinity, adding that “the next leg down for the dollar should send spot gold onto a new cycle high past $1,824.50.” Fed Chair Jerome Powell last week said the US central bank will deliver more interest rate hikes next year even as the economy slips towards a possible recession.
According to Matt Simpson, a senior market analyst at City Index, the “prospects of a higher terminal Fed rate could prevent gold enjoying a runaway rally next year.”
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