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Market Update: Gold Sinks to 1-Month Low after Fed
Gold prices sank around 1% to one-month lows of $1840 an ounce on Wednesday as both the dollar and Treasury yields soared after the Federal Reserve revised upwards its inflation forecasts for this year and said it expects 2 rate hikes by the end of 2023. In addition, European Central Bank President Christine Lagarde said 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. Given the above and the fact that the global economic recovery is gathering pace, we could expect further downside in the short term. [/s2If]
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