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Gold is currently strengthening to a high above $1,970 an ounce since Thursday after rising 1.6%. The strong reason for the price increase is because the Fed gave 25 bps to the widely expected gold increase, but removed the language about "further increases" needed and signaled only one more rate hike.
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However, Fed Chair Jerome Powell said officials do not see a rate cut this year, and are prepared to raise rates higher than previously expected. Meanwhile, US Treasury Secretary Yellen told lawmakers the US government is not considering “broad insurance” for bank deposits, which has fuelled concerns about the current banking crisis. Elsewhere, the BoE is expected to tighten monetary policy further on Thursday after UK inflation data rose more than expected. Gold prices are highly sensitive to the outlook for interest rates, as higher interest rates would potentially lift the cost of holding non-yielding bullion and vice versa.
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