Gold exposes to $2,000 as Mid-East tensions escalate, Powell neutral guidance
The post Gold exposes to $2,000 as Mid-East tensions escalate, Powell neutral guidance appeared on BitcoinEthereumNews.com. Gold price extends upside as Israel prepares to attack Hamas group. Fed Chair Powell supported neutral interest rates amid higher US bond yields. 10-year US Treasury yields jump above 4.9% amid unsustainable Congress budget deficits. Gold price (XAU/USD) rose sharply as Middle East tensions kept escalating and the Federal Reserve (Fed) Chair Jerome Powell endorsed a stable interest rate policy in his speech on Thursday. The demand for bullion strengthened as Israeli troops prepared to enter the Gaza strip with the goal of dismantling Hamas, the Palestinian military group. Meanwhile, despite the promise of humanitarian aid for civilians in Gaza by US President Joe Biden, Iran could step in and intervene directly in the conflict, which could turn into a feared Middle East regional war. On Thursday, Fed Chair Jerome Powell joined his teammates – Philip Jefferson, Austan Goolsbee, Michael Barr, and Raphael Bostic – and delivered neutral guidance on interest rates in his speech at the Economic Club of New York. Powell acknowledged that multi-year high US Treasury yields are significantly impacting overall spending and investment. In an interview with CNBC, Atlantic Fed Bank President Raphael Bostic said that a slowdown is coming due to higher interest rates but the economy won’t see a recession. Bostic remains confident that the central bank will get inflation under control. He forecasted that the Fed would cut interest rates in late 2024. Philadelphia Fed Bank President Patrick Harker, in an interview on Friday, favored holding interest rates as the economy is softening than thought. Daily Digest Market Movers: Gold price soars as Middle East tensions keep bullions’ demand Gold price keeps rallying having just breached the $1,980 resistance amid tailwinds coming from the Federal Reserve and Middle East. The Israel-Palestine conflict has extended for 14th day now and Israel’s defense chief Yoav Gallant is…
The post Gold exposes to $2,000 as Mid-East tensions escalate, Powell neutral guidance appeared on BitcoinEthereumNews.com.
Gold price extends upside as Israel prepares to attack Hamas group. Fed Chair Powell supported neutral interest rates amid higher US bond yields. 10-year US Treasury yields jump above 4.9% amid unsustainable Congress budget deficits. Gold price (XAU/USD) rose sharply as Middle East tensions kept escalating and the Federal Reserve (Fed) Chair Jerome Powell endorsed a stable interest rate policy in his speech on Thursday. The demand for bullion strengthened as Israeli troops prepared to enter the Gaza strip with the goal of dismantling Hamas, the Palestinian military group. Meanwhile, despite the promise of humanitarian aid for civilians in Gaza by US President Joe Biden, Iran could step in and intervene directly in the conflict, which could turn into a feared Middle East regional war. On Thursday, Fed Chair Jerome Powell joined his teammates – Philip Jefferson, Austan Goolsbee, Michael Barr, and Raphael Bostic – and delivered neutral guidance on interest rates in his speech at the Economic Club of New York. Powell acknowledged that multi-year high US Treasury yields are significantly impacting overall spending and investment. In an interview with CNBC, Atlantic Fed Bank President Raphael Bostic said that a slowdown is coming due to higher interest rates but the economy won’t see a recession. Bostic remains confident that the central bank will get inflation under control. He forecasted that the Fed would cut interest rates in late 2024. Philadelphia Fed Bank President Patrick Harker, in an interview on Friday, favored holding interest rates as the economy is softening than thought. Daily Digest Market Movers: Gold price soars as Middle East tensions keep bullions’ demand Gold price keeps rallying having just breached the $1,980 resistance amid tailwinds coming from the Federal Reserve and Middle East. The Israel-Palestine conflict has extended for 14th day now and Israel’s defense chief Yoav Gallant is…
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