empty
 
 

2024.02.0708:56:00UTC+00Gold Little Changed On Hawkish Fed Talk

Gold prices were marginally lower on Wednesday, the dollar slipped, and Treasury yields held steady amid cautious optimism regarding U.S. economy's trajectory.

Spot gold was little changed at $2,034.79 per ounce, while U.S. gold futures were down about 0.1 percent at $2,050.30.

Traders pushed back Fed rate expectations following hawkish comments from several Federal Reserve officials.

Federal Reserve Presidents Loretta Mester and Neel Kashkari welcomed the progress on inflation but cautioned that it would be a mistake to move rates down too soon or too quickly.

Fed Philadelphia President Patrick Harker sounded cautiously optimistic regarding the economic outlook and noted that the U.S. central bank is making "real progress" on inflation.

Fed Governors Adriana Kugler and Michelle Bowman, along with Presidents Thomas Barkin and Susan Collins are set to speak later in the day.

Futures currently imply around 122 basis points of easing for all of 2024, down from 145 basis points late last week.

In economic releases, U.S. MBA mortgage approvals data and trade figures for December are slated for release in the New York session.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback