Gold price rebounds to 2-week high on Fed relief hopes. gold markets
Data on Tuesday showed that US consumer confidence ebbed in October, home prices fell sharply in August and there were signs that the Fed’s aggressive stance was starting to cool the labour market.
“We might see a slowing of the economy, but inflation may not come down as much as the Fed would like and yet they will be no longer able or willing to raise rates further and that is a very positive environment for gold,” Meger added. Focus now shifts to the US GDP data on Thursday, followed by core inflation numbers on Friday that could offer more clarity on the Fed rate hike trajectory.
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