![]() ![]() “The steps have been taken and it looks like we’re in a very good position to have that soft landing that everyone’s talking about,” Boushey insisted. The Biden administration and White House economist Heather Boushey told Reuters that current leaders do not expect a recession. Some believe an aggressive tightening schedule will continue, while others expect the Fed to ease up and pivot with a ‘soft landing.’ Market analysts and macroeconomic experts have no idea what the Fed will do at the FOMC meeting. We’re likely to consolidate here until the Fed meeting,” the market analyst added. But I would be surprised if we move above $1,950. “I’m neutral on gold until the Fed’s meeting on February 1. Speaking with Kitco News, OANDA senior market analyst Edward Moya detailed that gold prices will remain indifferent until the Federal Reserve’s February 2023 meeting. New York Spot Price for gold, silver, platinum, palladium, and rhodium as of Friday, Jan. In fact, gold stocks need to rise 30% from here just to get back to where they were trading in April of 2022. “Gold stocks, however, still haven’t even taken out last week’s high. “Gold is now trading above $1,934, its highest price since April of 2022,” Schiff tweeted on Jan. Gold enthusiast Peter Schiff believes the price of the precious yellow metal will grow higher this year. Like cryptocurrencies and stocks, precious metals have rallied in 2023, erasing the losses that took place in Dec. Precious metals have done well too with a troy ounce of gold trading for $1,927.30 per unit and silver trading for $24.01 per ounce. Closing percentage rises of the top four benchmark indexes on Friday, Jan. The small-cap stock market index RUT has risen 7.1% this year, with small-cap shares leading the equities race in 2023. equities have posted their second consecutive week of gains so far this year. The Nasdaq Composite was the highest, rising 2.66%, the S&P 500 rose by 1.89%, the Russell 2000 index (RUT) jumped 1.69% higher, and the Dow increased by 1% on Friday. The top four benchmark stocks (S&P 500, Dow Jones, Nasdaq, and Russell 2000) ended the day between 1% and 2.66% higher against the U.S. 20, equity markets closed the day in the green. on Saturday, the global crypto market cap was down to $1.05 trillion, according to market data, with BTC trading at $23,133 per coin. dollar value of the thousands of digital currencies below BTC and ETH. The increase in value of these two crypto assets has also increased the U.S. The second-leading digital currency in terms of market valuation, ethereum (ETH), had risen 8.33% that week against the greenback. The leading crypto asset, bitcoin (BTC), had climbed 11.63% higher against the U.S. Eastern Time, the global cryptocurrency market capitalization was up 5.87% over the previous day and hovering around $1.06 trillion in value. Markets Still on Edge Ahead of Fed Meeting Despite Equities, Cryptocurrencies, and Precious Metals Rallying in 2023 Analysts believe that current market trajectories will be dependent on the outcome of the next Fed meeting. On Friday, Federal Reserve governor Christopher Waller said that he favors a quarter-point benchmark rate increase at the next FOMC meeting. Equities, precious metals, and cryptocurrencies have been on a tear during the last three weeks of 2023, and all eyes are now focused on the next Federal Open Market Committee (FOMC) meeting, which is 11 days away.
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