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Gold Jump Again Due to $ Drop

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FRIDAY, 15/14/2023 | GOLDCeylon

GOLD  price leapt against a falling US Dollar last two days, more than reclaiming the $2000 and $24 marks respectively after the US Federal Reserve surprised pundits and traders by slashing its ‘dot plot’ interest-rate forecast for 2024, upending its mantra of ‘higher for longer’ – and lighting a fire under the stock market and bond prices – even as Fed chairman Jerome Powell repeated the phrase once more. 
Current updated World Gold price is $ 2030 per troy ounce.

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The Dollar fell to a new 4-month low on its trade-weighted DXY index against the rest of the world’s major currencies, sinking by 1.4% from the minute before the Fed’s announcement.

Longer-term interest rates also sank, hitting the lowest since late-July on the US Treasury’s 10-year bond with a drop to 3.92% per annum, more than a quarter-point lower from the minute before Wednesday’s Fed announcement and economic forecasts.

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Source : | Bullion Wallet
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