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16 Dec 2021

Gold Market Went Bullish in Response to Hawkish U.S. Fed Reserve Pivot

The Index Today

Gold was up on Thursday morning in Asia, moving inversely with the weakening dollar after the U.S. Federal Reserve announced yesterday that it would quicken its asset tapering and hike interest rates in its latest policy decision.

Gold futures were up 1.00% to $1,782.15 by 11:25 PM ET (4:25 AM GMT). The precious yellow metal clawed back up after an initial decline of almost 1% to a two-month low after the Fed announced its policy decision on Wednesday. It will accelerate its asset tapering program to $30 billion per month.

Precious metals trader Tai Wong told Reuters, “The market was looking for a hawkish move from the Fed and they got it in the dot plot.”

“The market is happy that the Fed is a little spooked and doesn't want to be too far behind the curve. For gold, the key technical level is $1,750; a break substantially below that could lead to a rout in the waning days of the year.”

Other investors also remained optimistic with the new Fed hawkish pivot policy.

OANDA senior market analyst Edward Moya told Reuters, “The risk that the economy could fall into recession in 2023 does not seem so unreasonable. Gold’s weakness could be near its end as the Fed will be on autopilot until the March policy meeting.”

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