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Gold Price Prediction: XAU/USD surges above $2,010 as Fed policymakers anticipate a rapid decline in US Inflation

Daniel Rogers

Apr 12, 2023 13:41

截屏2023-04-06 下午4.26.46_1024x576.png

 

In the Asian session, the price of gold (XAU / USD) made a swift advance above the critical resistance of $2,010.00. The price of gold has risen above $2,013, as the US Dollar Index continues to weaken. (DXY). The USD Index has fallen to approximately 102.05 and is anticipated to accelerate its decline. Federal Reserve (Fed) policymakers anticipate a rapid deceleration in U.S. inflation, which has a negative influence on the USD Index.

 

Patrick Harker, president of the Federal Reserve Bank of Philadelphia, stated, "I am monitoring the data to determine if additional action on inflation is necessary." In addition, the president of the Minneapolis Fed Bank, Neel Kashkari, anticipates that inflation will be in the middle 3 percent by the end of this year and will be closer to 2 percent the following year.

 

Austan Goolsbee, president of the Chicago Fed, advocated a cautious approach in light of the fact that the confluence of constrained credit conditions and further restrictive monetary policy can impact sectors and regions differently than if monetary policy acted alone.

 

As the last inflation data before the Federal Reserve's scheduled interest rate decision in the first week of May, the US inflation data released on Wednesday will be closely monitored.

 

In addition, the Fed minutes will be scrutinized as they will provide a detailed explanation of the 25 basis point (bps) rate hike in March.

 

The demand for US government bonds appears to be subdued prior to the release of US inflation data. The yield on 10-year US Treasury bonds fluctuates around 3.43 percent.


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