![]() ![]() A drop in benchmark 10-year Treasury yields limited further downside. The dollar index firmed 0.4%, making gold less attractive for overseas buyers. Markets were pricing in a 82% chance of a rate hike at the Fed's next meeting in July, seeing little odds of any easing in monetary policy by the end of this year, according to the CME FedWatch tool. "Although the market is pricing in a decent chance the Fed is going to hike in July, the more relevant factor for gold is that the market has been simultaneously pricing out the number of cuts we could expect over the next year," said Daniel Ghali, commodity strategist at TD Securities. Powell reiterated that more rate rises likely lie ahead for the central bank, and did not rule out a boost in the cost of borrowing at a policy meeting scheduled for the end of July. gold futures settled 0.1% lower at $1,922.20. ![]() EDT (1743 GMT), after hitting its lowest since mid-March. Federal Reserve Chair Jerome Powell reiterated a hawkish stance. Gold prices on Wednesday fell to their lowest in nearly 4 months on bets for interest rates remaining higher for longer, while U.S. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |