As of 5:30 PM EDT, gold futures based on the most active June 2024 contract are down $2.10, or -0.09%, settling at $2347.50. Today's decline would have been more significant if not for the dollar's weakness. The dollar is currently down -0.26%, taking the dollar index to 105.525. A neutral dollar would have resulted in gold losing more ground, as gold is directly paired against the dollar for value.
At the conclusion of this week's FOMC meeting, the Federal Reserve will release a statement, and Chairman Jerome Powell will hold a press conference. Author Rahul Kumar noted,"The Fed wields influence over monetary policy not only through interest rates but also via its actions in the repo market and adjustments to the size of its balance sheet. Quantitative easing , a strategy involving the purchase of large quantities of assets, injects liquidity into the financial system, while quantitative tightening involves reducing the balance sheet by allowing assets to mature without reinvestment.
It seems likely that the vast majority of investors will await the Fed's guidance before making major decisions on their investment portfolios, including allocations to gold and U.S. equities.
Source: Financial Digest (financialdigest.net)
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