Gold Weakened after Fed Officials Signalled a Preference to Delay Rate Cuts

Sunday 25th February 2024

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see gold prices have pulled back from weekly high, looking destined for another test of the zone of support around $2010. Since the start of the year gold prices have been trending lower but maintain the potential for spikes to the upside as the precious metal provides a safe haven appeal amidst ongoing geopolitical tensions. Fundamentally speaking gold prices hold onto a number of tailwinds for 2024 with its safe haven appeal being one of them but also the prospect of interest rate cuts, lower US yields, and a potentially weaker dollar all boding well for precious metal.

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