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GOLD: Gold has shed $14/oz at writing, to last deal at $1,409/oz in spot trade.
This comes after a relatively flat finish Tuesday after bullion registered a
fresh cycle high just below $1,440/oz early in the day.
- The Iranian situation coupled with the increased likelihood of Fed easing
being priced into markets had supported the yellow metal in recent sessions,
however, Tuesday saw a round of "less dovish" Fed rhetoric, spearheaded by
arch-dove Bullard pushing back against the idea of a 50bp cut in July. This
resulted in markets pairing back pricing of the chances of a 50bp cut at the
Fed's July meeting. Bullard's comments were followed up by Fed Chair Powell
noting that the Fed must avoid an overreaction. This allowed gold to finish
close to unchanged levels on the day.
- Regional sources highlighted miners hedging their exposure in early
Asia-Pacific hours on Wednesday.