Gold price fluctuates noticeably following central bank meetings. Economists at Commerzbank analyze XAU/USD outlook.

Gold will only begin to recover once it becomes clear that US key rates have peaked

Participants in the Gold market are disappointed that the rate hike cycle may not be over after all: the Gold price meanwhile was trading more than $100 lower than it was in early May and found itself at a three-month low. 

We had anticipated a correction but believe it should now be largely finished. Having said that, prices will probably only begin to recover once it becomes clear that US key rates have peaked.