Last week, gold prices went above $3,000 for the first time in history. This happened because investors were worried that the global economy might slow down due to tariffs from the Trump administration. Many investors bought gold as a safe investment. After reaching this high price, some investors sold gold to take profits, but now prices are rising again.
This week, there will be an important U.S. Federal Reserve (FOMC) meeting. The results of this meeting will decide whether gold prices continue to rise or if more investors will sell to secure profits.
At the meeting, the economic outlook and interest rate plans for this year will be announced. Investors are paying attention to how many times the Federal Reserve (Fed) might cut interest rates this year.
Last week, the New York stock market dropped a lot because of economic concerns. Because of this, Fed Chair Jerome Powell’s speech will be very important. Recently, Powell said that the Fed will make decisions based on economic data after checking the effects of tariffs. However, since tariffs are already harming the economy, there is a high chance that Powell will support interest rate cuts.
If the Fed lowers interest rates, the U.S. dollar may weaken, and gold prices could rise even higher.
Gold & Dollar Price Range Forecast for This Week: $3,030 – $2,920 (50% )
Note: The above information does not guarantee profits. Make your own decisions when trading.