Gold price set for longest run of weekly losses since 2018. gold dollar markets
Sign Up for the Precious Metals Digest“The set-up for a deep liquidation event in gold is building,” Bart Melek, global head of commodity strategy at TD Securities said in an emailed note. “With gold bugs falling like dominoes, prices are now challenging pre-pandemic levels, raising risks that the largest speculative cohort in gold will start to feel the pain under a hawkish Fed regime”
While high inflation and growth threats typically aid gold, the precious metal is wilting as investors weigh the prospect of bigger or more frequent interest-rate hikes from a Fed trying to curb price pressures. Gold doesn’t pay interest, and, like other dollar-denominated commodities, it suffers when the dollar rises.
“This is one reason why we anticipate higher prices in the coming months and quarters,” they said in a note. “That said, for this to happen the still strong ETF outflows would need to end and buying interest would need to return to the market.”
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