- Gold price falls sharply to the crucial support of $2,150. Investors turn risk-averse towards bullions ahead of the interest rate decision by the Federal Reserve, which will be announced on Wednesday.
- The CME FedWatch tool shows that after the conclusion of the two-day meeting, the Fed will keep interest rates unchanged. Investors are eagerly awaiting the quarterly dot plot, which shows projections for interest rates over time by Chair Jerome Powell and other officials. The dot plot will signal any change in projections for rate cuts this year.
- December’s dot plot indicated that Fed officials are anticipating three rate cuts in 2024. If the Fed dials down rate-cut projections, the Gold price could face significant downside pressure. Currently, the CME FedWatch tool shows a 60% chance that at least three rate cuts will be announced by 2024. The chances for at least three rate cuts were slightly below 80% before the release of the hot consumer and producer inflation data for February.
- In addition to the dot plot, the Fed will also release economic projections for inflation and economic growth. An upbeat economic outlook would strengthen the appeal of the US Dollar. The United States economy has been performing better on the grounds of consumer spending and labor market than any other country in the Group of Seven (G-7) economies.
- The US Dollar Index (DXY), which measures the US Dollar’s value against six rival currencies, rises to 104.00 amid improvement in safe-haven bid.
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