Gold Stabilizes Near $4,360 Amid Fed Rate Hike Anticipation
The price of gold has stabilized near $4,360 an ounce as traders assess the risks associated with ongoing inflation and interest rate trends. The precious metal was trading around $4,375 an ounce after recording moderate gains in the previous week.
The Federal Reserve's decision to raise interest rates by a quarter percentage point during their meeting on September 15 and 16 has led to increased anticipation of statements from several Federal Reserve policymakers. Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, stated that inflation is still far too high and that pressures have spread beyond the oil price shocks resulting from the war in Iran.
Chicago Fed President Austan Goolsbee is scheduled to speak later on Monday, while New York Fed President John Williams will speak on Tuesday. The move by the Federal Reserve was an attempt to help temper inflation, which has not reached the Fed's target of 2% for more than five years.