Gold prices are on the rise following Federal Reserve Chair Jerome Powell’s dovish comments at the Jackson Hole symposium. Powell hinted at potential rate cuts depending on economic data, leading investors to anticipate a total of 100 basis points rate cuts by the end of the year.
Geopolitical tensions and economic uncertainty are also driving safe-haven demand for gold, although weak demand in China could offset some gains. The XAU/USD pair fell initially but could see a boost if US Durable Goods Orders report comes in lower than expected.
In a similar vein, the Euro surged after Powell’s speech, with traders pricing in a 65% chance of a 25-basis-points rate reduction in September. The move could signify a shift away from the Fed’s restrictive interest rate policy, potentially impacting the EUR/USD pair.
Meanwhile, the British Pound hit a 17-month high against the US Dollar, driven by expectations of a September rate cut by the Fed. Positive signals in the UK economy are also supporting the bullish move, although the release of the US Durable Goods Orders report could influence GBP/USD’s direction.
Overall, Powell’s comments have set the stage for potential rate cuts and market fluctuations, making it crucial for investors to stay informed and adapt their strategies accordingly.
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