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– Crypto prices pared back some of their recent gains in trading on Thursday as the threat of interest rate hikes popped back on the radar of investors following a better-than-expected unemployment report from the U.S. Labor Department. Also adding pressure to markets was the S&P Global Purchasing Managers Index for May, which came in at 54.4 versus 51.3 last month.
- After hitting record highs above $2,450, the gold market is again struggling as hawkish sentiment from the Federal Reserve spooks markets; however, according to one market analyst, gold’s rally is far from over.In his latest gold commentary, John Ing, President and Chief Executive Officer of Maison Placements Canada Inc., reaffirmed his price target, expecting the precious metal to rise to $3,000 an ounce within the next 18 months.U.S.
The U.S. House of Representatives voted to prevent the Federal Reserve from issuing a digital dollar, setting the stage for a contentious battle in the Senate. - The gold market continues to see robust selling pressure, and even disappointing U.S. home sale data is not enough to shake up this downtrend. - The gold market fell to session lows after the latest data showed activity in both the U.S. service and manufacturing sectors improved this month.
The U.S. House of Representatives passed the FIT21 Act on Wednesday, a bill intended to provide greater regulatory clarity for the crypto industry.
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