Gold price (XAU/USD) has sensed barricades near $1,960.00 in the Asian session. The precious metal has shifted its auction below $1,960.00 led by easing United States banking jitters and growing chances of one more interest rate hike by the Federal Reserve (Fed).
S&P500 futures have witnessed minimal losses in the Tokyo session after a stalwart buying on Wednesday, indicating that the overall market mood is cheerful but caution has emerged after commentary from Fed chair Jerome Powell.
Republican Representative Kevin Hern reported through Bloomberg that Fed Powell still sees one more rate hike when asked in a private meeting with US lawmakers about how much further the central bank will raise interest rates this year.
The US Dollar Index (DXY) has shown a recovery and is hovering near Wednesday’s high around 102.77. The USD Index is looking to extend its upside move further on hopes of rising hawkish Fed bets.
Meanwhile, the display of meaningful efforts by US authorities to infuse confidence among investors that the banking system is ‘sound and resilient’ has also trimmed appeal for the Gold as a safe-haven. US lawmakers and Fed Powell have discussed the need of raising insurance limits after the collapse of Silicon Valley Bank (SVB) and Signature Bank. Currently, the Federal Deposit Insurance Corporation (FDIC) currently insures up to $250,000 per depositor.
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