Africa-Press – Angola. Gold closed down on Monday, the 12th, as the market ponders the Federal Reserve’s (Fed) next monetary policy steps. Earlier, the director of the American Central Bank, Michelle Bowman, stated that no cuts were planned in the “immediate future”.
On Comex, the metals division of the New York Mercantile Exchange (Nymex), gold scheduled for delivery in April closed down 0.28%, at $2,033.00 per troy ounce.
Gold prices fell for the third session in a row. The metal has received recent support from demand for safe assets, but the lack of clarity on the start of monetary easing by the Fed is limiting the possibility of a breakthrough.
During the Bowman period, she acknowledged that inflation had made satisfactory progress, but warned that “there are still many risks on the horizon.” “It is too early to prejudge whether this will affect the economy and I do not see cuts as appropriate in the immediate future,” she said, adding that it is still not possible to project when the cuts will begin and what the size of the reduction in rates will be.
However, TD Securities analyzes that investors are under-positioned in relation to the metal and predicts that there is room for a “substantial rise” in gold prices on the horizon, if the market assessment for Fed interest cuts comes to fruition.
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