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US gold price moving between small gains and losses around $2,035 level


Gold prices stall their advance as New York Fed President John Williams contradicts Powell’s pivot

Williams’ pushback may be more about damage control than a complete reversal of the existing strategy.

Gold's bullish momentum faded on Friday after New York Fed President John Williams pushed back against Chairman Powell's dovish posture earlier in the week at the last FOMC meeting. Against this backdrop, XAU/USD was largely unchanged heading into the weekend, moving between small gains and losses around the $2,035 level.

In the absence of a complete reversal of the "pivot," bond yields and the U.S. dollar are likely to continue their downward trajectory as traders try to front-run the easing cycle, which is expected to begin at some point in the first quarter of 2024. This could mean more upside for precious metals and possibly a new record high for gold prices.


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