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Gold Price Prediction: XAU/USD nears $1,980 as USD Index extends losses in response to the Fed's dovish guidance

Daniel Rogers

Mar 23, 2023 14:48

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In the Asian session, the gold price (XAU / USD) is gaining strength to surpass the immediate resistance of $1,980.00. As the US Dollar Index (DXY) resumed its decline and fears of a US banking crisis revived, demand for the precious metal increased.

 

As the Federal Reserve (Fed) has come extremely close to the terminal rate, which would be restrictive enough to bring down U.S. inflation to 2%, the USD Index is seeking to retest its six-month low below 102.000. Fed Chair Jerome Powell stated in his commentary that "additional policy tightening may be necessary."

 

Investors should be aware of the fact that the US banking crisis has bolstered the status of gold as a safe-haven asset. However, US Treasury Secretary Janet Yellen's reassurance of the safety of all bank deposits quelled concerns of a banking crisis.

 

As of Wednesday, when US Yellen stated that the government "is not considering insuring all uninsured bank deposits," the situation appears to have changed. This has also increased demand for United States government bonds. Yields on 10-year U.S. Treasuries have decreased to near 3.45%.

 

In the meantime, S&P500 futures have rebounded strongly after a steep decline on Wednesday, indicating an improvement in risk appetite. Nonetheless, caution still prevails as US banks' strict credit conditions will have a long-term impact. According to the Fed's commentary, the US banking system is solid and resilient, but US banks will be more cautious in their lending to households and businesses.


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