- Federal Reserve (Fed) Governor Christopher Waller said on Wednesday that he was in no hurry to cut rates in the wake of hotter inflation readings in recent months, boosting the US Dollar and capping gains for the Gold price.
- Waller, however, noted that further expected progress on lowering inflation will make it appropriate for the Fed to start cutting interest rates later this year, which is seen acting as a tailwind for the non-yielding yellow metal.
- Moreover, the Fed last week projected three interest rate cuts of 25 basis points each by the end of this year, and the markets are currently pricing in a greater chance of the first move at the June FOMC monetary policy meeting.
- Apart from this, geopolitical risks stemming from the protracted Russia-Ukraine war and the ongoing conflicts in the Middle East should help limit any meaningful corrective decline for the safe-haven precious metal.
- Traders now look to Thursday's US economic docket – featuring the release of the final Q4 GDP print, the usual Weekly Initial Jobless Claims, Pending Home Sales and the revised Michigan Consumer Sentiment Index.
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