Gold prices maintained stability on Tuesday, hovering slightly above their three-month low, as the US dollar strengthened. Traders sought to hedge against the political turmoil in Russia and the hawkish outlook from the Federal Reserve.
Spot gold was traded at $1,923.94 per ounce, while US gold futures remained unchanged at $1,933.90.
The recent upheaval in Russia led to a surge in safe-haven investments like gold and the dollar. Investors are closely monitoring economic data, Fed Chair Jerome Powell’s statements on the trajectory of interest rates, and the quarterly update of JPMorgan’s Hedged Equity Fund’s options positions, which amount to nearly $16 billion.
Russian President Vladimir Putin expressed his condolences and paid tribute to the pilots who lost their lives over the weekend. This acknowledgment marked the first official confirmation that Russian aviators had been killed in combat, as the Wagner mercenary group advanced towards Moscow.
Investors are currently anticipating a 74% probability of a rate hike taking place in July. However, they also foresee rate cuts occurring starting from 2024 and continuing onwards.
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