Slower interest rate hikes are pushing gold and silver higher

The first Federal Open Market Committee (FOMC) meeting in 2023 is set to conclude on February 1. Analysts predict that the regulator is likely to slow the pace of interest rate hikes. Thus, the rate could rise by 25 basis points. 

The CME FedWatch tool suggests the U.S. Federal Reserve (Fed) has a 99.2% chance of a 25-basis-point rate hike. In this case, monetary easing is expected to take place at the next regulator's meeting.

The poll by Reuters News showed that 80% of the experts, i.e. 68 out of 83 surveyed, believe that if inflation continues to decline, the Fed is expected to raise rates by 25 basis points at the next two FOMC meetings. Interest rates are likely to hold steady until the end of 2023. 

This forecast will support bullish sentiment in the market for gold and silver. 

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