Latest from RobotFX: important news impacting currency trading.
Gold traded near $4,350 an ounce on Tuesday, extending the previous session’s losses as hawkish remarks from Federal Reserve officials reinforced expectations of further US interest rate hikes. On Monday, Chicago Fed President Austan Goolsbee said the central bank must take persistent supply shocks into account, while St. Louis Fed President Alberto Musalem indicated that additional rate increases may be required to bring inflation closer to the Fed’s target.
At the same time, declining oil prices lent some support to gold, reflecting heightened diplomatic efforts to resolve the Middle East conflict and evidence of uninterrupted energy flows from the region. President Trump is scheduled to address the UN General Assembly in New York later today and may meet Iranian President Pezeshkian on the sidelines.
Gold also continues to be underpinned by longer-term drivers, including sustained central bank purchases, ongoing geopolitical uncertainty, and concerns about fiscal sustainability and potential currency debasement.
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