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Gold eyes worst week in 15 months on Fed’s hawkish turn

by capitalizefinancial
June 18, 2021
in Sports
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Gold prices rose on Friday but were set for their worst week since March 2020 after the U.S. Federal Reserve’s hawkish turn lifted the dollar and dented the safe-haven metal’s appeal.

Spot gold climbed 0.5% to $1,782.80 per ounce by 0650 GMT but was down 5% for the week. U.S. gold futures gained 0.6% to $1,785.20.

It was the Fed reversal in policy outlook that triggered the drop in gold prices, said ED&F Man Capital Markets analyst Edward Meir, adding “the reaction in gold has been somewhat overdone.”

“Despite the current high-growth, inflationary environment, the proposed Fed rate hikes are not expected to set in for at least another 18 months. So after a little bit more weakness here, gold prices will regroup and push higher,” Meir said.

The Fed on Wednesday signalled it would be considering whether to taper its asset purchase programme meeting by meeting and brought forward projections for the first post-pandemic interest rate hikes into 2023.

 

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