Meanwhile, Federal Reserve (Fed) Chairman Jerome Powell , speaking at the Wilson Center in Washington on Tuesday, tempered expectations for rate cuts.
FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
The author will not be held responsible for information that is found at the end of links posted on this page.
The author has not received compensation for writing this article, other than from FXStreet.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
According to the CME FedWatch Tool, the likelihood of interest rates remaining unchanged in the June meeting has risen to 84.8% from Monday’s 78.7%. Investors will closely monitor speeches from Federal Reserve officials this week, as well as Thursday's US Initial Jobless Claims, for further insight into the direction of monetary policy .
Meanwhile, Federal Reserve (Fed) Chairman Jerome Powell , speaking at the Wilson Center in Washington on Tuesday, tempered expectations for rate cuts. Powell noted that the US economy has shown significant strength and recent data indicates a lack of substantial progress on inflation this year. He emphasized that achieving the 2% inflation target will take "longer than expected." The prospect of higher interest rates typically reduces the appeal of non-yielding assets such as Gold.
Furthermore, sources cited by The Jerusalem Post disclosed that Israel has purportedly finalized plans for a counterstrike against Iran. US National Security Advisor Jake Sullivan announced late on Tuesday that new sanctions targeting Iran, alongside sanctions against entities supporting the Islamic Revolutionary Guard Corps and Iran's Defense Ministry, will be enforced in the coming days.
Gold price holds ground near $2,380 per troy ounce on Wednesday, hovering close to record highs as traders exercise caution ahead of Israel's response to Iran's air strike on Saturday. A Reuters report indicated that a third meeting of Israel's war cabinet, initially scheduled for Tuesday to decide on a reaction to Iran's unprecedented direct attack, was postponed until Wednesday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
