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The Fed's hawkish stance on interest rates trajectory exerts pressure on the prices of the yellow metal.

As expected, the Federal Reserve opted to maintain the current benchmark policy rates at 5.5% during the meeting held on Wednesday.

Moreover, it is anticipated that the central bank will pursue an additional rate hike in 2023, in line with the Federal Open Market Committee's (FOMC) projection of slightly higher inflation compared to its previous forecasts.

Hence, Federal Reserve officials unexpectedly revised their projected interest rates for 2024, increasing them from 4.6% to 5.1%. This adjustment played a significant role in supporting the US Dollar (USD).

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Buy limit 1916
Target 1950

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