International Business News: Gold prices steadied on Thursday as a pushback from US Federal Reserve officials on market hopes for early interest rate cuts offset safe-haven demand
"The Middle East conflict is keeping a floor under gold and silver markets. I remain bullish on gold, the conflict will get worse before it gets better, gold can hit all-time high in the near term," said Jim Wyckoff, senior analyst at Kitco Metals.
The dollar index has surged more than 5.0% since its 15-month nadir in July. That has put pressure on risky EM currencies, echoing the dynamics observed last year when the Fed began raising rates.
The US dollar rose as inflation grew in March, keeping the Federal Reserve on track to raise interest rates at next week’s monetary policy meeting. Meanwhile, the yen fell after the Bank of Japan kept ultra-low interest rates, leading to a fall in the Japanese currency.
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