ChainCatcher Message, gold prices still remain above $5000. This support mainly comes from ongoing geopolitical risks that continue to trigger safe-haven demand, as well as widespread selling of currencies and sovereign bonds by investors. Investors are currently closely watching the upcoming U.S. consumer confidence data to be released later on Tuesday, and Federal Reserve Chair Powell’s speech on Wednesday.
FP Markets analyst Aaron Hill said that if Powell clearly pushes back against political pressure and demonstrates a firm stance in defending the Federal Reserve’s independence, it could boost the dollar in the short term; whereas if his comments lean toward supporting gradual rate cuts, it could further suppress the dollar’s movement.
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