Gold lacks a driver for the next leg up, prices stuck in neutral - USBWM's Rob Haworth USBWMsRobHaworth gold
-The safe-haven bid and inflation fears that drove gold prices higher in the final months of last year and into January have run their course, and there is little new information that can push gold prices back above $1,900 an ounce, according to one market strategist.
He noted that although inflation remains elevated, it continues to trend lower; at the same time, recession fears also continue to ease. Haworth added that USBWM's economists expect the U.S. economy to narrowly avoid a recession this summer and growth to recover by year's end. Although inflation is slowing, he said it will remain persistently high enough that the Federal Reserve will maintain its aggressive monetary policies. The U.S. central bank is closer to the end of its tightening cycle with maybe one or two more rate hikes expected. Hawthorn noted the Fed will not be in a hurry to loosen the reins any time this year.
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