Gold's all-time highs will have to wait a little longer gold dollar Fed
- The gold market continues to show investors its potential as prices this week tested record highs above $2,080 an ounce; however, while there is a lot of long-term bullish sentiment in the marketplace, the conditions to spark a sustained rally aren't in place just yet.
"We on the committee have a view that inflation is going to come down not so quickly," Powell said in his press conference Wednesday. "It will take some time, and in that world, if that forecast is broadly right, it would not be appropriate to cut rates and we won't cut rates." At the same time, while gold prices are down, they are certainly not out. Many market analysts have said that in an environment with unprecedented uncertainty, dips in the gold market need to be bought.
Meanwhile, Gareth Soloway, Chief Market Strategist at InTheMoneyStocks.com and President of VerifiedInvestingEducation.com told Makori that the banking crisis could cause the S&P 500 to crash 20% this year, pushing gold to $2,300 an ounce. The decline was led by investment demand, which fell 51% to 273.7 tonnes. Investors only started jumping into gold-backed exchange-traded funds in early March when the banking crisis began. Those inflows weren't enough to offset the outflows seen in January and February.
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