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Market Update: Gold Consolidates 2-Month Lows
Gold prices lifted to around 1772.426 in APAC trade on Monday, consolidating losses after touching near two-month low of $1,761 on Friday and recording its worst week since March 2020 after shedding 6%. 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. On top of that, comments from James Bullard, president of the St Louis Fed, about the prospects of an even earlier interest rate increase supercharged existing upward momentum for the Greenback. [/s2If]
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