Pressure on Gold Eases After Recent Federal Reserve Meeting
The U.S. economy has entered a technical recession, with data from the Bureau of Economic Analysis showing that the country’s GDP dipped by almost 1% in the second quarter of the year. This comes after a 1.6% drop recorded in the first quarter. Last month, the Federal Open Market Committee hiked interest rates by more than 70 basis points, to reach 2.25%–2.50%. While the Federal Reserve has been tightening its monetary policy, the fed has yet to turn restrictive or hawkish. This is because it raised the rates to a neutral level, moving from rates that were extremely accommodating to…