Market sentiment improves the United States and European policymakers stretch emergency credit lines to the troubled banks and announced deposit insurance schemes. Recently adding strength to the risk-on mood were comments from the central bank officials pushing back the banking crisis concerns and the Silicon Valley Bank (SVB) deal.
Also taming the banking fears, as well as challenging the Gold buyers, are comments from the US Federal Reserve (Fed) officials and the Treasury Department. “Inflation ‘has started to come down’ with some of that due to tighter monetary policy and some due to other factors such as improving global supply chains,” said Fed’s Jefferson. Further, Federal Reserve Vice Chair for Supervision Michael Barr's prepared testimony to Congress also favored the firmer sentiment as it read, “We are prepared to use all of our tools for any size institution as needed to keep the system safe". On the same line were comments from the US Treasury stating that the US will keep using tools to prevent banking contagion as needed.
Geopolitical fears, hawkish central bank talks also weigh on Gold price
It should be noted, however, that the geopolitical fears surrounding China and Russia also exert downside pressure on the Gold price. That said, talks about China’s failure to keep the pace of growth promised, as well as Russia’s alleged readiness to use nuclear weapons against Ukraine. On the same line are the latest comments from North Korean Leader Kim Jong Un who recently stated, per KCNA news, “(They) Should be fully ready to use nuclear weapons at any time.”
US CB Consumer Confidence eyed for intraday XAU/USD forecast
Looking ahead, the Gold traders will observe the US Conference Board’s (CB) Consumer Confidence for March, as well as the second-tier housing and activity data, to forecast intraday moves. However, major attention will be given to Wednesday’s Monthly Inflation for Australia and Friday’s Fed’s preferred inflation gauge, namely the Core Personal Consumption Expenditure (PCE) Price Index.
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