On Thursday (June 23), the international spot gold was adjusted around US$1,835/oz at noon, and the yellowgold priceThe price of gold fell slightly in the daily session, and the overall price of gold remained stable.
The Fed is expected to firmly raise interest rates? Powell throws another hawkish message
Powell testified before the Senate that the Fed was fully committed to controlling prices, even if doing so could lead to an economic downturn, reaffirming its determination to fight inflation. However, even if he believes the U.S. economy is in good shape, Powell admitted that there is a possibility of a recession in the U.S. economy and that achieving a soft landing is very challenging. “Higher interest rates are painful, but it’s a tool to help us reduce inflation,” he said.
In a speech on Wednesday, U.S. President Joe Biden called on Congress to suspend federal gasoline and diesel taxes for three months and asked states to provide similar relief, hoping to cool gasoline prices during the summer travel season.
When Powell testified before the Senate, he reiterated that it is appropriate for the Fed to continue raising interest rates and is committed to bringing the inflation rate back to the 2% target. The rate of interest rate hikes depends on economic data, and policymakers must be flexible. Recession, successful soft landing “very challenging”.
The Russian-Ukrainian war is still not over
Russian and Ukrainian armies are engaged in a decisive battle in the Donbas region of Udon, but a fierce battle has also broken out on Snake Island. The Russian army said it repelled a large-scale attack by the Ukrainian army on the Snake Island early on Monday (June 20), while the Ukrainian military claimed to have hit the Russian army on the island again.
Snake Island in the Black Sea bore the brunt of the Russian invasion of Ukraine in February. At that time, the Ukrainian defenders on Snake Island lost to the Russian army, and Snake Island fell into the hands of the Russian army, but Ukraine vowed to retake the island. The Ukrainian military said on Tuesday that it had carried out some airstrikes on Snake Island, CNN reported.
At the opening in the morning, gold continued to weaken, and the short-term suppression during the day was placed near 1840-1842. The hourly Bollinger Band has closed, and there is still room for decline in Asia and Europe, but for the time being, we will focus on the gains and losses of 1830. The 4-hour level closes the line below 1830, forming a continuous Yin trend, then it is better to continue to be bearish on gold, otherwise it is like the trend of the Asian-European session yesterday. Although it fell below 1830 and tested 1823 many times, it did not stabilize. It moved quickly higher shortly after the bell.
According to the gold market center of Jintou.com, at 14:40 Beijing time, the spot price of gold today was temporarily reported at US$1833.03 per ounce.
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