The gold price has suffered from the dollar’s rally as investors await the US central bank’s policy meeting for clues on how to combat growing inflationary pressures and concerns about weak economic growth, experts say. So what’s next? cryptocoin.com We share the Fed meeting and expectations…
SPI Asset Management executive: Gold price may come under pressure
Stephen Innes, managing partner at SPI Asset Management, expects gold to remain under pressure amid central bank tightening, with the Fed likely to announce the start of stimulus reduction at its Wednesday meeting. Price and wage increases could strain the Fed as it tries to strike a balance between containing inflation and supporting the recovery in jobs lost since the pandemic, according to the executive.
“Gold may continue to be supported if 10-year yields continue to trade at current levels and point to a weaker growth outlook in bondholders’ minds,” Innes added. Innes said central banks are unlikely to launch an aggressive rate hike campaign given weaker economic data such as Monday’s Institute for Supply Management (ISM) survey that showed US manufacturing activity slowed last month.
Focus will also be on Thursday’s Bank of England policy meeting as investors assess the chance for a first rate hike by a major central bank since the start of the pandemic.
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