The Fed’s Easing Policy Stance Brings Support to Gold Prices
Fed Chairman Powell and the Federal Open Market Committee (FOMC) both issued speeches through resolutions, which gave the gold price short-term support. Currently, it is waiting to break-through the US$1780 mark. Powell spoke after the Fed kept its monetary policy unchanged and underestimated the inflation rate, emphasizing that an outstanding jobs report does not imply a reduction in stimulus. As gold is welcoming the bulls, it continues to suffer from the widespread impact of the pandemic on the Asian countries and the continued imbalance of vaccination in Western countries, adding to the burden on the gold market. As of 08:23 Hong Kong time, the price of gold rose 0.21% to 1,785.20 US dollars.
After the interest rate meeting, the U.S. Federal Reserve announced that it will maintain interest rates and the monthly bond purchase scale at US$120 billion, which was in line with market expectations. The interest rate statement stated that the US economic activity and employment have increased, and the rise in inflation is largely affected by temporary factors. It emphasizes that the economic outlook is still at risk, and the Fed reiterated that it will use all tools to support the economy. In addition, it also pointed out that economic development largely depends on the progress of the Covid-19 pandemic. Once the risk recurs, the bureau will make preparations for monetary policy adjustments.
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