By learning the ongoing gold price trend, Sachin Kothari, Director at Augmont Gold for All, said, “As the FED maintains hope for three rate cuts in 2024, gold prices reached a fresh high of $2224 (~Rs 66750). The FOMC Statement released yesterday was neutral – not too dovish and not too hawkish. As was largely anticipated, the Fed did not alter its monetary policy during the meeting in March.
Powell hinted that the Fed will soon be seeking to dial down the rate of QT, though he did not say when. Based on the CME Fed watch tool, traders were pricing in a 73.4% possibility that the Fed will cut rates for the first time as early as June. Speculative buying and short squeeze led the gold prices to cross previous highs of $2200 and this rally is expected to continue to $2350 in the short term.
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