SAFAKNA TURKEY – Gold is hovering near its lowest level this year as investors speculate that the Fed will hike rates further this month.
Spot gold is trading around $1,813 an ounce. Gram gold, on the other hand, is finding buyers at 1,105 Turkish Lira in the markets.
Precious metals struggled to pick up momentum last month as investors pushed their prices up in anticipation that the Fed would implement a 50 basis point hike this month to curb ongoing hyperinflation.
In his presentations to the Senate and Congress this week, Fed Chairman Jerome Powell announced that they are ready to increase the pace of interest rate hikes if data, including job openings, CPI and PPI, point to a strong economy.
The US nonfarm payrolls report, considered one of the most important data, will be published on Friday, March 10.
After the rise it experienced during the gold pandemic, it began to decline as the Fed quickly raised interest rates to contain the resulting high inflation.
The precious metal, which gained again amid signs of a cooling in the US economy and speculation that the Fed will reduce the pace of interest rate hikes, recently approached the lowest levels of this year amid politicians saying that the fight against inflation is far from over.
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