According to an announcement from the US Department of Commerce on January 25, the US economy grew much better than expected in the last 3 months of 2023. US GDP grew by 3.3% in the fourth quarter of 2023 (adjusted for annual basis), higher than the 2% growth forecast from Wall Street experts. For the whole year, the US economy grew by 2.5%, also far exceeding estimates from Wall Street.
The market expects the US Federal Reserve (FED) to keep interest rates unchanged at its policy meeting taking place on May 30-31 and forecasts an 89% probability of lowering interest rates in May.
Besides, inflation in Europe has decreased to 2.9%, so the European Central Bank still keeps interest rates unchanged. This is not positive information for gold prices. The European Central Bank predicts that inflation in 2024 in this region will slow down, at about 2.7% in 2024 and decrease to 2% in 2025.
The market expects the US Federal Reserve (FED) to keep interest rates unchanged at its policy meeting taking place on May 30-31 and forecasts an 89% probability of lowering interest rates in May.
Besides, inflation in Europe has decreased to 2.9%, so the European Central Bank still keeps interest rates unchanged. This is not positive information for gold prices. The European Central Bank predicts that inflation in 2024 in this region will slow down, at about 2.7% in 2024 and decrease to 2% in 2025.
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TP1: 2015
TP: 2010
SL: 2030