Commerzbank: The market has priced in a 100 basis point rate cut by the Fed before the end of the year, and Powell's speech is high to exceed expectations

Odaily News Analysts at Commerzbank said in a report that gold prices hit a new record of $2,531.6 per ounce on Tuesday, then fell sharply on Thursday. Whether it will rise further in the short term may depend on Powell's speech. If Powell hints at more rate cuts, gold may be pushed to new heights. Commerzbank said that given that the market has already priced in about 100 basis points of interest rate cuts by the Federal Reserve by the end of 2024, the threshold for positive surprises is high. However, if market expectations are not met, gold may come under pressure again. (Jinshi)