Gold fell below $2,500 per troy ounce, as a stronger US Dollar weakened investor demand, ANZ commodity strategists note.
Gold markets are waiting for Powell to talk
“Gold fell below USD2,500/oz. This came amid concerns that the market is overplaying the prospects of aggressive rate cuts by the Fed. Swap traders are pricing in almost 100bps of cuts by year end, a level many prominent commentators believe is too much.”
“Investor positioning in Gold is also extremely net long, leaving the market open to selling should the Fed not live up to these expectations. This places a lot of importance on Federal Reserve Chair Jerome Powell’s speech at Jackson Hole later today.”
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