gold Fed Fed's rate hike slowdown or potential 2023 cuts back gold price rally - ING
Gold is up nearly 8% in the last three months as markets are counting on the Federal Reserve to slow down its rate hike pace as inflation starts to cool. And this time around, the rally could take off, according to ING.
"On Tuesday, gold jumped to its highest price since June after U.S. consumer prices posted the smallest monthly gain in more than a year, sparking hopes that the U.S. Federal Reserve will ease the pace of interest rate hikes," said ING's head of commodities strategy Warren Patterson and commodities strategist Ewa Manthey.
If inflation is continuously coming down, this gives the Fed the reason to take a step back from its aggressive tightening pace. And a more reasonable Fed could mean a lower U.S. dollar and a significant boost for gold. So far this year, the Fed raised rates by 375 basis points, and it is scheduled to hike by another 50 basis points Wednesday afternoon. This historic tightening path has triggered a selloff in gold-backed ETFs throughout this year.
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