Gold Market Reacts to Potential Impact of FOMC Decision
Wednesday, 20 March 2024, 14:19
Gold Prices Surge
Gold has quickly risen to a five-day high with a $10 pop in the last few minutes. There doesn't appear to be a catalyst for the sudden buying in a market that's otherwise settled ahead of the 2 pm ET FOMC decision.
Market Speculation
This might be a bet on a more-dovish-than-expected FOMC or central bank flows in a thinner market. There is also some minor USD weakness creeping in after some earlier strong bids.
- Global Pressures: One thing the market may be weighing are the weaker CPI readings from both Canada and the UK in the past 24 hours.
- US CPI Report Concerns: That could be an indication of lower global pressures and a sign that the US CPI report has been sending false signals.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.