Gold remains a strategic asset to hold as the Federal Reserve maintains its hawkish stance - World Gold Council's Cavatoni WorldGoldCouncil Cavatoni gold
- Investors should continue to view gold as an important strategic asset even as the precious metal will face challenging near-term headwinds after the Federal Reserve hits pause on its aggressive monetary policy stance but maintains its hawkish stance, according to the World Gold Council.
For investors looking for a potential pivot, Powell said that none of the committee members see a rate cut this year. However, he added that while the Federal Reserve is fighting to bring inflation down to its 2% target, its aggressive stance will create additional uncertainty for the global economy. He noted that an elevated rate environment creates some risks for the credit market and could potentially push the economy into a recession.
While the U.S. economy has remained relatively resilient in an elevated interest rate environment, Cavatoni said that investors still need to monitor growing risks and protect themselves. He added that the WGC maintains its view that the U.S. economy will likely see a mild recession this year. "In this difficult environment, gold continues to perform well because investors see the value in holding a safe-haven asset," he said.
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