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Market Update: Gold Heads for Worst Week In 15 Months
Gold came under heavy selling pressure this week, moving away from the $1,900 region to hit an over one-month low of $1,766 on Thursday, and poised for its worst week since March 2020 after shedding nearly 6% so far. Such moves came in the wake of a surprisingly hawkish tone from the Fed, with the central bank sharply raising its forecasts for inflation this year and flagged two rate increases by the end of 2023, which, in turn, pushed the dollar to over two-month highs. Also, it looks like the price of gold and bond yields started to move in the same direction, changing the paradigm seen in the last couples of months. . [/s2If]
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