The price of gold today continues to trade quietly with little volatility, mainly moving sideways around the $2025 level and being confined within a narrow price range.
As a result, this precious metal is facing pressure as investors continue to lower their expectations of the Fed's first interest rate cut in March 2024. This factor has driven up US bond yields and the value of the USD, exerting downward pressure on the price of gold.
The current focus of the market is awaiting the release of the US Gross Domestic Product (GDP) data for the fourth quarter of 2023 on January 25th, followed by the Personal Consumption Expenditures (PCE) index on January 26th.
These two pieces of information are expected to help shape the Federal Reserve's monetary policy more clearly in the near future, which will have a definite impact on the trend of the global gold price.
As a result, this precious metal is facing pressure as investors continue to lower their expectations of the Fed's first interest rate cut in March 2024. This factor has driven up US bond yields and the value of the USD, exerting downward pressure on the price of gold.
The current focus of the market is awaiting the release of the US Gross Domestic Product (GDP) data for the fourth quarter of 2023 on January 25th, followed by the Personal Consumption Expenditures (PCE) index on January 26th.
These two pieces of information are expected to help shape the Federal Reserve's monetary policy more clearly in the near future, which will have a definite impact on the trend of the global gold price.
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