Gold Price Forecast: XAU/USD's time has come in a pivotal chorus of events Gold DollarIndex Commodities Fed
owever, the Gol price is headed for a third straight monthly gain, with the US Dollar and bond yields weakening despite higher interestFederal Reserve and central bank meetings to impact Gold price
First up, we have the US central bank policy decision that is due at 1900 GMT on Wednesday, followed by a news conference from Federal Reserve Chair Jerome Powell and while markets have priced in a 25 basis point Fed rate hike to a range of 4.5-4.75% and expect rates to peak at 4.9% in June, some analysts are sceptical. For instance, analysts at Brown Brothers Harriman said the hard part for the Fed will be convincing the markets that they are wrong about its perceived pivot.
New Federal Reserve Dot Plots and macro forecasts won’t come until the March 21-22 meeting, so the Fed official's rhetoric between this meeting and the next will be important, starting with the Federal Reserve's Chairman, Jerome Powell, when he speaks to the press.
Markets also await Friday's US Nonfarm Payrolls report for January, with weakening in the labour market translating to decreasing inflation. Job creation likely remained solid, with payrolls gains staying above the 200k mark in Jan, analysts at TD Securities expect. ''We look for the Unemployment Rate rate to stay put at 3.5%.''
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