Gold price subdued by Fed’s higher-for-longer interest rate stance

, Millman forecasted gold prices to trade between $1,910 and $1,950 for the rest of this quarter.

Fed officials warned on Friday of further rate hikes even after voting to hold the benchmark rate steady last week, with three policymakers saying they remain uncertain about whether the inflation battle is over.“My baseline forecast is that gold will reach a new all-time high in 2024, if we see at least a mild recession in the global economy. If we get a recession, Fed will be forced to cut rates sooner,” Millman added.

Market focus now shifts towards the personal consumption expenditures price index, the Fed’s preferred inflation gauge, which is scheduled to be released on September 29. Mirroring investor sentiment, holdings in the SPDR Gold Trust, the world’s largest gold-backed ETF, fell to their lowest level since Jan. 2020.

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