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When asked whether July was too soon for a rate cut, Powell responded that he "can't say"
Markets are currently pricing in 64 basis points of rate cuts by the Fed this year, with only a 21 percent chance of a cut in July
Gold prices dipped slightly as investors awaited U.S. payroll data and Fed Chair's remarks
Upcoming week includes ISM Manufacturing PMI and Nonfarm Payrolls report for June
The market has largely eliminated the geopolitical risk premium after the ceasefire announcement
Investors await Federal Reserve comments for future direction amid fluctuating gold prices
The U.S. dollar fell to its lowest level since March 2022, making gold less expensive for holders of other currencies
In the Asian stock market, Japan’s Nikkei rose 0.3 percent and Taiwan’s benchmark climbed 1.09 percent
Spot gold was up 0.2 percent at $3,328.89 per ounce after recent lows
Investors shifted to the dollar following U.S. airstrikes, impacting gold and commodity markets
Real GDP growth is projected to rise from 2.4 percent in FY2023/24 to 3.8 percent in FY2024/25, then to 4.2 percent and 4.6 percent in FY2025/26 and FY2026/27, respectively, according to World Bank projections
Market rates, such as the Turkish Lira Overnight Reference Rate (TLREF), have also aligned in the 46 percent range
