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Market Update: Gold Trades Near 5-Month Lows
Gold prices added 12.04 points or 0.68% to 1785.356 on Thursday, holding near 5-month lows as both the Greenback and US Treasury yields soared after the Federal Reserve revised upwards its inflation forecasts earlier this week, 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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