“Powell has shown that the Fed is not too concerned about getting inflation back to its 2% target,” Schneider said. “He is now more focused on the weakness in the economy and the labor market.”
Naeem Aslam, chief investment officer at Zaye Capital Markets, said Trump is controlling the Fed narrative, which means interest rates will fall and gold prices will rise.
Chantelle Schieven, director of research at Capitalight Research, said the conflict has damaged the reputation of the US dollar as the world’s reserve currency. She believes it is only a matter of time before gold prices reach a new all-time high.
Phillip Streible, market strategist at Blue Line Futures, predicts gold prices will continue to rise in the short term, especially if spot and futures prices surpass $3,500 an ounce.
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