Gold price (XAU/USD) has demonstrated a corrective move in the Asian session after printing a fresh six-week high at $1,937.39. A correction in the precious metal looks short-lived as gold’s appeal is extremely solid amid deepening fears of the global banking crisis. Credit Suisse’s fiasco after the collapse of Silicon Valley Bank (SVB) has triggered the risk of financial instability globally and uncertainty over the interest rate decision by the Federal Reserve (Fed), scheduled for next week, has cemented strong appeal for Gold price.
S&P500 futures have shown a recovery move after a sell-off on Wednesday as investors are digesting the uncertainty associated with the banking sector. However, the risk aversion theme has not completely faded yet.
The US Dollar Index (DXY) is juggling in a narrow range of around 104.60 in the Asian session. It seems that the impact of banking sector turmoil is maturing for the USD Index and investors are starting to discount the expectations for next week’s monetary policy. As per the CME FedWatch tool, the odds for a 25 basis point (bps) interest rate hike by Fed chair Jerome Powell have scaled above 70%. While 30% chances are advocating an unchanged interest rate policy.
Rising odds for an unchanged monetary policy are backed by softening United States Consumer Price Index (CPI), higher Unemployment Rate, weak Retail Sales, and lower Producer Price Index (PPI) figures.
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