⚠️BREAKING: *SPOT GOLD PRICES HIT RECORD HIGH ABOVE $2080 AMID WORSENING BANK CRISIS $GC_F
Media reports said that regional lender) was considering a sale amid worsening market conditions, suggesting that it could be the next domino to fall in the worst U.S. banking collapse since 2008.
Powell also signaled that the Fed was close to hitting peak interest rates, and that the bank will largely adopt a more data-driven, “meeting-by-meeting” approach to future rate decisions. The FedWhile this could yet result in more rate hikes, given that U.S. inflation is still trending well above the Fed’s target range, analysts opined that worsening economic conditions in the country will elicit a pause in the rate hike cycle.
“With lending conditions rapidly tightening in the wake of recent bank stresses, we think this will mark the peak for interest rates with recessionary forces set to prompt interest rate cuts later this year,” analysts at ING wrote in a note. A pause in future rate hikes and a potential U.S. recession present a bullish case for gold, as investors seek safe haven in the yellow metal. TheOther precious metals also advanced on Thursday.
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