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GOLD FALLS BELOW $4,000/OZ: WHAT COULD COME NEXT?
The main pressure came from the strengthening U.S. dollar, as markets increasingly expect the U.S. Federal Reserve to maintain a tight monetary policy stance and potentially raise interest rates in the coming period.
The U.S. Dollar Extends Gains as Markets Bet on Fed Rate Hikes
The U.S. dollar strengthened sharply against several major currencies this week. Against the euro, the greenback broke through the 1.14 EUR/USD level and at one point pushed EURUSD down to 1.1325, marking the dollar’s strongest level in around 13 months.
Gold Falls 28% From Its Peak: A Deep Correction or the End of the Bull Market?
On Wednesday, spot gold fell more than 3%, trading around $3,980.20 per ounce. This is a notable move as the market continues to test the key support zone around $4,000 per ounce.
The U.S. Dollar Hits a 13-Month High as Fed Rate-Hike Expectations and a Tech Stock Sell-Off Boost Demand
In addition, increasingly hawkish comments from Fed officials also supported the strength of the greenback. According to CME FedWatch, markets are currently pricing in around a 37% chance of a 25-basis-point Fed rate hike at the July meeting, up sharply from 8.5% a week earlier. The probability of a rate hike in September also rose to 70%, compared with 29.1% previously.
مقالات أخرى
Gold Nears USD 4,100, Silver Breaks Below USD 62 as Dollar Pressure Intensifies
At the time of writing, spot gold was trading around USD 4,123 per ounce, down 1.64%. Meanwhile, spot silver dropped 5.45% to around USD 61.545 per ounce.
Asian Stocks and Oil Fall as Markets Reprice Fed Expectations
Global financial markets came under pressure on Tuesday as investors reassessed expectations for U.S. Federal Reserve monetary policy. Asian stocks and oil prices declined after the United States waived certain sanctions on Iran, while rising expectations that the Fed may take more aggressive action to fight inflation continued to weigh on market sentiment.
Gold and Silver Edge Higher, but Fed Rate-Hike Risks Cap Gains
At the time of writing, spot gold was trading near USD 4,190.60 per ounce, up 1.21%. Meanwhile, spot silver was trading around USD 65.21 per ounce, up 0.47% on the session.