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Gold rallied more than 2% on Friday after the Fed's new inflation framework, which tolerates inflation above 2% to offset periods of weak inflation. Gold had earlier hit a record above $2,000 and the GLD ETF was up over 29% this year.
Lower-for-longer rates and a weaker dollar tend to support precious metals, but this is a gold-specific move with little direct feed impact. Feed buyers should watch it only as a signal of broad commodity sentiment.
cnbc.comKeris LahiffAug 28, 2020After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
