Gold price slips as investors prepare for another big rate hike. gold markets fed
“Usually, ahead of the Fed, you see a sell-off in the metals and that’s just normal,” he added.
As things stand, the precious metal is on its way towards a fourth monthly loss as central bank tightening and a stronger US dollar dimmed its allure as a haven, overshadowing concerns about inflation and an economic slowdown. Over the weekend, while former Treasury Secretary Lawrence Summers cast doubt on the likelihood of a soft landing for the US, incumbent Janet Yellen said that she doesn’t see any sign the economy is in a broad recession.
Additional downward pressure on gold has come from waning investor interest, with holdings in bullion-backed exchange-traded funds ebbing for a sixth week, according toHedge funds trading the Comex flipped to being net-short on gold for the first time since 2019, according to data from the Commodity Futures Trading Commission.
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