Gold Price Hits Three-Month Low Following Powell’s Rate Hike Hint
Federal Reserve Chair Jerome Powell’s suggestion of potential more rate hikes has led to a drop in gold prices on 22 June, reaching a three-month low. Spot gold decreased by nearly 1%, and US gold futures also fell by 1.1%. David Meger, director of Metals Trading at High Ridge Futures, attributes this decline to anticipated rate hikes as central banks worldwide combat inflation. Despite Powell’s hawkish outlook, investors expects only one additional rate increase this year.
Source: https://www.mining.com/gold-prices-hits-three-month-low-on-powells-hawkish-cues/
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