- The gold market is struggling to find solid ground even as the Federal Reserve moves closer to the end of its tightening cycle, with the banking sector now doing most of the heavy lifting in reducing market liquidity.
"Despite the optimism surrounding the real economy's performance over the first half of this year, credit conditions have historically only ever been this tight during, or in the run-up to, recessions," he said in the note. According to some economists, the latest SLOOS report gives the Federal Reserve further breathing room to end its tightening cycle. Others have dismissed the survey saying that it provides little insight into the Federal Reserve's next monetary policy decision.
Naeem Aslam, chief investment officer at Zaye Capital Markets, said that he doesn't think the latest SLOOS report from the Federal Reserve changes anything. "Speaking from the price point, we are a little concerned about the current weakness, which is mainly due to hefty interest in the riskier assets among traders. We think this is going to keep the lid on the price for now," said Aslam.
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