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Gold Resilient Amid Geopolitical Tensions and Monetary Policy Expectations Shifts

Markets analysis on behalf of Joseph Dahrieh, Managing Principal at Tickmill

 

April 17, 2024 (Investorideas.com Newswire) Gold prices remain buoyant, hovering near record highs as traders react to geopolitical tensions and monetary policy expectations. The risks of escalation in the Middle East remain potent and could continue to support gold prices while heightened market uncertainty continues. Increased risks could continue to drive investors toward safe-haven assets including gold. Sustained central bank gold purchases could also support the asset over the longer term.

Meanwhile, Federal Reserve Chair Jerome Powell's recent remarks highlighted the US economy's robust performance but acknowledged that inflation remains stubbornly high. This suggested that the Fed's 2% inflation target could still be out of reach and that monetary policy could remain restrictive for a longer period. The latter could remain a negative factor for gold and could weigh on its performance as interest rate cut expectations decline, diminishing the appeal of non-yielding assets such as gold. Changing monetary policy expectations could fuel some downside risks in addition to the potential for technical corrections after gold’s strong gains.

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