Gold prices fell during Asian trading on Wednesday for the second day in a row after significant declines for the precious metal yesterday, despite the continuation of geopolitical tensions in the Red Sea, however, statements by Christopher Waller, a member of the board of governors of the Federal Reserve on cutting interest rates in March led to these declines for gold and also strong rises for the US dollar.
Waller said on Tuesday that although we are close to the central bank's inflation target of 2%, the bank should not rush to cut the interest rate until it becomes clear that low inflation will continue.
Market expectations for a rate cut in March also fell to a chance of 62.2% from 76.9% in the previous session.
We are waiting for important US data today at 3: 30 pm Egypt time, which is expected to issue positive data, which may make the dollar continue to climb with declines for gold and stocks again. We are also waiting this week to hear more comments from US central bank officials.
