After the US president Trump's backtrack on both tariffs against China and the dismissal of the Fed Chair Powell, the gold price temporarily fell below $ 3,300 per Troy ounce, FX FX's FX analyst Thu Lan Nguyen.
Gold is likely to remain in demand as a safe shelter
“However, since it remains unclear when and in what the form of a Chinese leadership agreement is possible – there have been various statements about it from Trump, US secretary of Treasury Scott Bessent and Beijing – gold is likely to remain demanded as a safe shelter for the time. In addition, both Fed Governor Christopher Waller and Cleveland Fed President Beth Hamck are Added hope of hopes of interest rates with their latest statements.
“Waller expects more and faster reduction in interest rate if the labor market situation has deteriorated significantly due to tariffs. Hammack, meanwhile, may think of a first interest rate to be cut off early in June, depending on the data. Even the expected US interest rates are not moving as a result – a first move is still expected of the sun -the – They hope, which is also a gold support for gold prices of gold.
“In addition to statements from the White House, attention is now focused on economic data from the US. If these show clear signs of a slowing US tariff policy, the price of gold can quickly rise again.”
