Gold Extends Weekly Decline๐
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The U.S. dollar maintained a positive momentum throughout the first half of the day but shifted direction after the U.S. market opened. As a result, XAU/USD rebounded from a new weekly low of $1,944.71 to trade above the $1,960 mark. Financial markets remain cautiously optimistic amid hopes that central banks have completed monetary tightening, despite policymakers leaving the door open for additional interest rate hikes.
Federal Reserve Bank of Richmond President Thomas Barkin provided some encouragement on Thursday, stating that the economy is "considerably strong" and acknowledging real progress on inflation. He also noted that the job market is not yet complete, as inflation remains elevated. Finally, he mentioned that any downturn may be less severe than previous recessions, and the labor market is currently more balanced.
In another event, Atlanta Fed President Raphael Bostic reiterated that the full impact of recent policies is still not fully realized. At the end of the day, U.S. Fed Chair Jerome Powell will participate in a discussion titled "Currency Challenges in the Global Economy" at the International Monetary Fund (IMF) and may comment on monetary policy.
Federal Reserve Bank of Richmond President Thomas Barkin provided some encouragement on Thursday, stating that the economy is "considerably strong" and acknowledging real progress on inflation. He also noted that the job market is not yet complete, as inflation remains elevated. Finally, he mentioned that any downturn may be less severe than previous recessions, and the labor market is currently more balanced.
In another event, Atlanta Fed President Raphael Bostic reiterated that the full impact of recent policies is still not fully realized. At the end of the day, U.S. Fed Chair Jerome Powell will participate in a discussion titled "Currency Challenges in the Global Economy" at the International Monetary Fund (IMF) and may comment on monetary policy.
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