By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Gold prices decrease after Powell comments indicating no urgency to cut rates
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
Rasmala Delivers Robotics-Enabled Logistics Facility in the Netherlands
Gulf
Marathon Des Sables confirms Jordan as the 2025 venue for the fifth year in a row
Gulf
Explore the Future: “Forum Moscow 2030. Territory of the Future” Invites Young UAE Visitors to Experience Innovation, Creativity, and Urban Adventure
Gulf
Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Moscow Metro Marks 90 Years with Technological Advancements and Heritage Events
Lifestyle World
Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle
L’Oréal Paris Celebrates the Groundbreaking Launch of MELASYL at the Iconic Museum of the Future
Lifestyle
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > Gold prices decrease after Powell comments indicating no urgency to cut rates
Forex

Gold prices decrease after Powell comments indicating no urgency to cut rates

News Room
Last updated: 2024/11/15 at 12:41 AM
News Room
Share
4 Min Read
SHARE

In recent days, the XAU/USD pair has remained subdued due to a strengthening Dollar and recent US inflation data. The Producer Price Index surpassed expectations, leading to a reconsideration of the Fed easing cycle. This has caused investors to recalibrate their expectations for a December Fed rate cut amid ongoing inflation concerns. Gold has been facing pressure from a slightly hot inflation report in the US and solid jobs data, causing Bullion to trade below its opening price for the fifth consecutive day. Despite recovering some ground, Gold remains undermined by the Greenback’s advance.

The recent increase in the Producer Price Index indicates that the Federal Reserve’s job is far from done, despite lowering its primary interest rate by 75 basis points since September 2024. The US Department of Labor also reported a decrease in unemployment claims filled by Americans compared to the previous reading. Fed officials have highlighted the need to balance inflation control with employment goals, with efforts being made to reduce inflation and hit the 2% target. However, risks such as potential tariff hikes and wage settlements could still spark inflationary pressure.

Investor fears surrounding US President-elect Donald Trump’s proposed tariffs and tax reductions have overshadowed Gold’s performance. Market participants are now predicting a lower chance of a rate cut by the Fed in the upcoming December meeting, down from previous expectations. As Fed Chair Jerome Powell is set to make remarks, along with the release of US Retail Sales data on Friday, the market remains cautious about the future direction of Gold prices.

Gold prices have shown signs of recovery as US real yields fell, inversely correlating against Bullion. Fed Chair Jerome Powell’s comments on the US economy not signaling the need for immediate interest rate cuts have added to the uncertainty surrounding Gold prices. The US PPI exceeding expectations and solid jobs data support the Fed’s commitment to managing inflation. Initial Jobless Claims for the week ending November 9 also came in lower than expected, indicating a stable labor market.

Despite recent declines in Gold prices, XAU/USD’s technical outlook remains stable. The pair has found support above the 100-day Simple Moving Average, with resistance levels at $2,600 and $2,650. The Relative Strength Index suggests a bearish momentum that could lead to further declines in XAU/USD. Risk sentiment in the market plays a crucial role in determining the direction of Gold prices, with investors opting for safe-haven assets during “risk-off” periods.

In conclusion, the XAU/USD pair continues to face pressure from a strengthening Dollar and ongoing inflation concerns. The recent rise in the Producer Price Index has prompted a reconsideration of the Fed easing cycle, impacting investor expectations for a December rate cut. Despite Gold’s recovery in recent days, uncertainties surrounding US policies and economic outlooks continue to weigh on Bullion prices. As Fed Chair Powell’s remarks and US Retail Sales data are awaited, the market remains cautious about the future direction of Gold prices.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room November 15, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Amir reaches Ankara | The Peninsula Qatar
Next Article Al-Dosari discusses improving media collaboration in meeting with senior Chinese officials in Beijing
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Rasmala Delivers Robotics-Enabled Logistics Facility in the Netherlands
Gulf August 4, 2025
Marathon Des Sables confirms Jordan as the 2025 venue for the fifth year in a row
Gulf July 31, 2025
Explore the Future: “Forum Moscow 2030. Territory of the Future” Invites Young UAE Visitors to Experience Innovation, Creativity, and Urban Adventure
Gulf July 30, 2025
Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle July 14, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?