Weekly Wrap: Gold Slips Below US$2,300 As Traders Await Fed Clarity
Gold prices ended the week lower, slipping below the US$2,300 per oz mark as investor focus shifted to upcoming US economic data and the Federal Reserve's (Fed) policy direction.
The precious metal fell 1.2% over the week, closing around US$2,292 per oz, weighed down by a firmer US dollar and a rebound in Treasury yields.
Early-week gains driven by geopolitical jitters and central bank demand faded by June 12, as markets recalibrated expectations on rate cuts following mixed signals from US inflation data. Gold saw modest support from continued central bank interest and physical demand in Asia, but these were not enough to counter risk-off flows into cash and bonds.
Outlook: With the Fed's next rate decision and fresh CPI data looming, gold is likely to remain volatile. While long-term fundamentals remain bullish, short-term momentum hinges on macroeconomic clarity. Key support lies near US$2,275, while resistance holds at US$2,320. Related
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