Powell's Jackson Hole Speech Today Could Move Gold $65 in Either Direction
Key Points
- Gold's recent drop highlights the tension between its safe h...
Gold is having the kind of week that makes traders question their life choices. Down for two straight days, the shiny metal is caught in that awkward position between "safe haven darling" and "Fed policy punching bag" as everyone waits for Jerome Powell to speak at Jackson Hole today.
The drama started when traders decided to dial back their bets on aggressive rate cuts, which immediately gave the dollar a confidence boost and sent gold sliding. It's like watching your portfolio play musical chairs, except the music is controlled by Fed officials and nobody knows when it's going to stop.
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