#XAUUSD @ 1634.65 Gold Price Forecast: to struggle amid hawkish Fedspeak – TDS
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Gold has flirted with three-week lows near $1,620 earlier in the day. Hawkish Federal Reserve expectations after US inflation data came in hotter-than-expected last month are set to continue weighing on the yellow metal, strategists at TD Securities report.
“Gold positions continue to unwind, with ETF holdings reduced by over 400K ounces in the last session, the largest one day decline since March of last year.”
“Hawkish Fedspeak continues to push forward the narrative that we are set for a persistently hawkish central bank regime. In this context, gold prices are unlikely to rise with a deteriorating growth outlook until the Fed makes progress in the war on inflation.”
“Physical demand for bullion has remained elevated, but seasonal considerations suggest that this tailwind could soon fade following India’s festive season.”
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