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Market Update: Gold On Course for Worst Week in Over a Year
Gold is set for a 4.5% drop to around $1,791 in the third week of June, the most since March 2020 and hovering at levels last seen in early April, as the dollar index continued to extend gains to 8-week highs after the Federal Reserve revised upwards its inflation forecasts for this year noting that it expects two rate hikes by the end of 2023. In addition, European Central Bank President Christine Lagarde also said 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 and because of supply and demand imbalances. [/s2If]
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