Scott Bessent has a wide and storied career in financial markets, and his experience with macro and currency is top-notch. He was, after all, part of the Quantum team along with George Soros that broke the Bank of England now more than 30 years ago.
Gold price surged over 3% on Wednesday, driven by sharp fall in the US dollar, on primarily dovish outlook for the Fed monetary policy action.
XAU/USD price outlook: Gold Spot/US Dollar pressing against 0.618 Arc
Gold prices rebound as Treasury yields and the dollar fall ahead of FOMC minutes, while Brent near 3-week highs keeps inflation and rate-hike risk alive.
Gold Price Forecast: XAU/USD bounces to $4,370, but upside momentum is fading
Gold finds support as US Dollar retreats ahead of Fed Minutes
The new Fed Chair wants the markets to do the central bank's job for him. If the number of supporters of his position increases, the chances of a rate hike in 2026 will fall, weakening the greenback.
Gold: Pullback risk with higher yields and Oil – OCBC
Oil and Gold: Price review for the week ahead
Gold and silver remain pressured by elevated Treasury yields as traders await today's Fed minutes for fresh clues on the September policy outlook.