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Federal Reserve Governor Adriana Kugler noted that hiring is still above the breakeven point, though uncertainty remains a challenge for the economy. Despite this, she emphasized that wages are not a major inflation driver. In response to economic conditions, Fed Chair Jerome Powell stated that the central bank is not rushing to lower interest rates. He acknowledged that the path to 2% inflation may be bumpy, and the Fed will not overreact to isolated data points.
On the other hand, central banks continue to buy gold as a hedge against economic uncertainty. The People’s Bank of China (PBoC) increased its gold holdings by 10 tonnes in the first two months of 2025. However, the largest buyer was the National Bank of Poland, which purchased 29 tonnes of gold, its largest purchase since June 2019.
Gold (XAU) Technical Analysis
Gold Daily Chart – Price Consolidation
The daily chart for gold shows that the price is consolidating in the orange zone and showing signs of strength. The rebound from the mid-line of the ascending channel was carried out from the mid-line of the RSI, indicating strength. The key support remains at $2,800. A break above $2,950 will open the door for the $3,000 level.
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