Gold price shot higher after the March FOMC meeting on Wednesday, reaching a peak of $1,978, close to where it still trades on Thursday at the start of the European Session. The ore beloved of king Midas of Phrygia rose after the US Federal Reserve (Fed) suggested tighter credit conditions due to banking stress might do the job of bringing down inflation on its behalf and that it would, therefore, probably not have to raise rates as much as expected in the future.
Gold rose because the expectations of lower interest rates are viewed as bullish for the metal since it doesn’t yield holders a return unlike cash (deposits) or cash equivalents.
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