Gold Price Forecast: XAU/USD remains undeterred by the waning outlook for a rate cut – ANZ

Market news

18 March 2024

Gold Price Forecast: XAU/USD remains undeterred by the waning outlook for a rate cut – ANZ

The Gold price rally towards the $2,200 level is beyond explanation by macroeconomic and geopolitical developments, economists at ANZ Bank say.

Gold rally is way ahead of weakness in the US Dollar

Gold prices hit new highs despite waning expectations around the US Federal Reserve (Fed).

Market expectations point to a rate cut in June, with the pace of cuts normalising from 150 bps to 70-80 bps in early January.

Sell-off in the US Dollar is not matching the intensity of Gold price rally.

USD/MXN moves sideways amid a risk-off sentiment, clings to near 16.70

Austria HICP (YoY) declined to 4.2% in February from previous 4.3%

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