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Dollar Continues to Rise: Markets Still Under Pressure from Fed Rate Hikes
Another day of gains for the greenback, which reached its highest level in the last two months during today’s trading. Gold’s pullback continues, weighed down by the U.S. Federal Reserve’s interest rate hikes and rising Treasury yields. The metal’s current downturn offers investors an excellent opportunity to enter the safe-haven market.
[Source: Kitco News]
The dollar strengthens on Fed tightening, but the move may be temporary
The price of gold edged lower in today’s U.S. trading, although the support level remains firmly above $4,300 per ounce. It was an overall positive day for the dollar, bolstered by the Federal Reserve’s hawkish statements, which offset the pullback in oil prices.
Investors, however, seem convinced that the U.S. central bank’s monetary tightening is a temporary adjustment rather than the start of a series of rate hikes.
[Source: Kitco News]
The Federal Reserve Raises Interest Rates, but Gold Holds Steady
On Wednesday, the Federal Reserve (Fed) raised interest rates by 25 basis points: Chairman Kevin Warsh clarified that the decision was made to keep inflation in check, which has been fueled by rising oil prices. Despite Warsh’s hawkish rhetoric, gold did not lose ground, maintaining key support above $4,300 per ounce. This brings to an end a three-week losing streak. Such resilience speaks volumes about investors’ expectations: the Fed may raise interest rates, but the U.S.’s fiscal problems remain intractable.
[Source: Kitco news]
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