Spot Gold Retreats After Rally – What’s Next for Gold Prices?
On April 23, spot gold continued to weaken during the early Asian session, briefly dipping below $3,300/oz before stabilizing around $3,300/oz. Previously, CFD XAU had surged to successive new highs, reaching a record $3,500/oz on April 22. The recent rally was primarily fueled by investors rebalancing away from U.S. assets.
However, following another broad-based sell-off in U.S. assets earlier this week, the Trump administration moved swiftly to restore market confidence. Trump withdrew his threat to dismiss Federal Reserve Chair Jerome Powell and explicitly called for interest rate cuts. These statements helped ease concerns over the Federal Reserve’s independence.
Additionally, U.S. Treasury Secretary Bessant stated that the tariff standoff with China is unsustainable and reaffirme...
