Hawkish Fed pricing in gold

Gold moved sideways as Fed officials stated that they will not abandon tight monetary policy until inflation is under control. Gold moved sideways as investors evaluated the latest hawkish comments from Fed officials that they will not abandon tighter monetary policy until inflation is under control. An ounce of gold is being traded at $1,793 on the spot market as of the new trading day. Gram gold is finding buyers at TL 1,074 in the markets. Although investors initially welcomed the softer than expected US inflation data last week, Fed officials emphasized that interest rates will continue to rise for a longer period. However, a wave of monetary tightening and hawkish outlooks from central banks around the world, especially the European Central Bank, caused further damage to confidence in the precious metal. Gold took off last week after investors assessed that the Fed could follow a less hawkish policy following the inflation data that came below expectations before the Fed's interest rate decision, and gained 12 percent from its lowest level in September. However, after the expected 50 basis point increase, Fed Chairman Jerome Powell emphasized in his statements that interest rates would continue to rise and remain high for a long time, causing the precious metal, which has a negative correlation with interest rates, to largely give back its gains.