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#现货黄金突破4400美元 Spot gold breaks above $4,400
On August 11, after the South Korean stock market opened, the KOSPI Index plunged sharply. As of 9:00 Beijing time, it was down 1.1%. Spot gold rose strongly, breaking above $4,400 per ounce intraday to hit a new high since June 8. As of press time, London gold was quoted at $4,420.301 per ounce, up 0.66%.
Since August began, international gold prices have rebounded strongly. London gold rose more than 7% in the first trading week of August (August 3–August 7), marking its largest weekly gain since February.
On August 10, U.S. Eastern Time, Beth Hammack, president of the Federal Reserve Bank of Cleveland, said that multiple rate hikes may be needed to bring inflation down to the Federal Reserve’s 2% target, but she did not want to prejudge how many hikes would ultimately be required.
In an interview, Hammack said: “I think a single 25-basis-point rate hike may not have much of an impact on the U.S. economy. Therefore, several rate hikes may be needed. But I don’t want to prejudge exactly what that number will be.”
Two weeks ago, the Federal Reserve announced that it would keep the target range for the federal funds rate unchanged at 3.5% to 3.75%. At the time, three officials, including Hammack, voted against the decision, favoring a 25-basis-point rate hike at the meeting.
In a post-meeting statement, Hammack explained: “U.S. inflation has remained above 2% for more than five consecutive years, and I do not believe it will return to our target level on its own.” In the interview, Hammack said that the current interest rate level was not imposing a “meaningful constraint” on the economy. She also did not believe inflation would fall back to the target level on its own and said she saw no problems emerging in the labor market.
John Williams, the Federal Reserve’s “number three,” previously said that interest rates are currently in a “good place” and that inflation is expected to cool in the second half of this year, so the Federal Reserve does not need to rush to adjust rates. According to CME’s “FedWatch,” the probability that the Federal Reserve will leave rates unchanged through September is 48.8%, while the probability of a cumulative 25-basis-point hike is 51.2%; the probability that the Federal Reserve will leave rates unchanged through October is 34.7%, while the probability of a cumulative 25-basis-point hike is 50.5% and that of a cumulative 50-basis-point hike is 14.7%.$XAUUSD ‌