Gold suddenly turned down in price
Today, we witnessed a change in the price of gold, dropping from $2,054 to $2,028 per ounce on Wednesday morning. This seems to be partially due to comments from officials at the Federal Reserve (Fed), indicating that it will take a while for the United States to reach its 2% inflation target.
Meanwhile, the Fed is not rushing to cut interest rates and will only consider doing so when inflation significantly decreases. This has sparked speculation that the Fed will maintain the current interest rates after the meeting concludes on January 31.
Following this information, the US Dollar Index has risen to 103.35 points. The strengthening of the USD is putting downward pressure on gold prices, potentially pushing them towards the support level of around $2,015.
What are your thoughts on the future trajectory of gold prices?
Meanwhile, the Fed is not rushing to cut interest rates and will only consider doing so when inflation significantly decreases. This has sparked speculation that the Fed will maintain the current interest rates after the meeting concludes on January 31.
Following this information, the US Dollar Index has risen to 103.35 points. The strengthening of the USD is putting downward pressure on gold prices, potentially pushing them towards the support level of around $2,015.
What are your thoughts on the future trajectory of gold prices?
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