Gold Clings to $4,000, Ending Worst Quarter in 13 Years (GLD:NYSEARCA)
Bullion slipped more than 11% this month as traders priced in higher odds of Federal Reserve rate hikes and a firm dollar.
- Gold prices edged up on Tuesday but remained on track for their sharpest quarterly decline in 13 years, pressured by firm Markets and expectations that the Federal Reserve will hike interest rates.
- Middle East tensions and inflation concerns have erased expectations for rate cuts, with Traders now pricing in a 67% probability of an interest rate hike, according to the CME FedWatch Tool.
- Bullion was down more than 11% for the month, putting the metal on track for its first quarterly loss since 2024 and its worst quarterly performance since the second quarter of 2013.
- Saxo Bank analyst Ole Hansen noted that bullion Prices first need to break above $4,100 before it is reasonable to consider that a low may have been established.
- Investors are now eyeing the ADP employment data due on Wednesday and nonfarm payrolls data due on Thursday to further gauge the Federal Reserve's monetary policy stance.
19 Articles
19 Articles
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Gold Suffers Its Worst Quarter Since 2013 as Silver Falls Even Harder
Gold fell 0.9% to about 3,971 and silver 1.76% to 57.48 on June 30, closing gold's worst quarter since 2013 as a strong dollar and rate-hike fears kept the metals under pressure. The post Gold Suffers Its Worst Quarter Since 2013 as Silver Falls Even Harder appeared first on The Rio Times.
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