Gold Moves Higher Ahead Of US GDP Release
Gold (XAU/USD) price is trading back above $2,765 at the time of writing on Thursday and looks set to re-establish a new all-time high. The bullion failed to reach that level on Wednesday after the Federal Reserve’s (Fed) rather aggressive decision on interest rates. The main element that caught all the attention was Fed Chair Jerome Powell’s reaction to questions about US President Donald Trump and his constant calls for much lower interest rates and borrowing costs.
A showdown seems certain between the White House and the Federal Reserve. Fed Chair Powell has consistently refused to comment on any questions from journalists about President Trump. The Fed’s aggressive stance is a message to President Trump that the Fed remains independent and needs to see clear and unambiguous weakness in the data to prompt further action.
Source: FXStreet