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Market Update: Gold Drops by Over 2% to 7-Week Lows
Gold fell more than 2% to $1,770 an ounce on Thursday, the lowest since end-April as the dollar index extended gains to 8-week highs after the Federal Reserve revised upwards its inflation forecasts for this year and said it expects two rate hikes by the end of 2023. In addition, European Central Bank President Christine Lagarde said earlier this week that monetary and fiscal stimulus should remain until there are clear signs that a “firm, solid and sustainable” economic recovery is underway despite inflation headwinds. The Fed has taken a similar view, with investors digesting the central bank’s narrative that a surge in inflation is transitory due to supply and demand imbalances. [/s2If]
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