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Stubborn US inflation could drag gold to fresh 2-year low

Spot gold is attempting an unexpected weekly gain, despite Fed Chair Jerome Powell roundly quashing hopes for a “pivot” by policymakers.

Bullion has once again rebounded off the $1616 region, which has supported prices since late September, though bullion remains guided lower by key simple moving averages (SMA).

Stubborn US inflation could drag gold to fresh 2-year low


Should next week’s US inflation data come in higher than the forecasted 8% print, that may drag spot gold to a fresh two-year low closer to $1600.

Much would depend on whether that crucial $1616 support region can hold against the potential selling tide.

In the interim, gold’s upside remains capped as long as it’s still premature to consider the Fed’s actual pivot, with policymakers apparently still having “some ground to cover” in their ongoing battle against stubbornly elevated US inflation.



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