For the first time since March 2022 the Federal Reserve spoke of an upcoming pivot from its former highly restrictive monetary policy based upon aggressive rate hikes, to an accommodating stance based upon rate cuts. Federal Reserve officials have been open and transparent in communicating that the time to reverse its course and lower its benchmark rates is approaching. However, they have not presented any concrete timeline or, at a minimum, when it will initiate the first rate cut.
The constant inquiries being requested by investors might be answered this week, as multiple Federal Reserve officials are scheduled to speak. On Tuesday, Federal Reserve officials commented that if the US economy performs as expected, it could be the first step that could lead to a rate cut. The net result has been a pause for any rally in gold. As of 6:25 PM ET, gold futures basis, the most active April contract is trading off by $0.70 overseas. Gold did manage moderate gains yesterday of approximately $8.00. However, the lack of any strong resolve on the part of investors and traders has had limited forward momentum.
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