Gold is currently correcting after initially surging following the Fed's 25 bps interest rate cut. Jerome Powell's "meeting-by-meeting" and less dovish statements have raised market doubts about the pace of future rate cuts, thus easing interest in gold.
Furthermore, the US dollar strengthened following Powell's comments. A stronger dollar typically puts downward pressure on gold prices because it makes them more expensive for buyers outside the US. As a result, gold is now about $60 below its record high.
The price of gold at the time of writing is $3,653/Toz.
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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