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Gold prices fall below $2,000 amid hawkish Fed signals.
Gold prices dipped below the $2,000 mark today as minutes from the Federal Reserve’s latest meeting signaled a readiness to continue aggressive measures against inflation if necessary. This hawkish stance has prompted investors to exercise caution, despite some support for gold stemming from a weakened dollar after its recent rebound.
The Federal Open Market Committee (FOMC) minutes released on Tuesday hinted at a potential plateau in interest rate hikes, with market speculation about possible rate cuts commencing as early as May next year. This speculation has kept the USD’s movements in check, even though it has recovered from its lows at the end of August against major currencies.