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Setting Up For Largest Weekly Decline Since February

GOLD

Gold is slightly lower in the Asia-Pac session, after closing lower for the fourth straight day for a cumulative loss of around 2%. With global central banks signalling overnight that they need to stay hawkish for longer to bring down inflation, gold is setting up for its largest weekly loss since early February.

  • The BoE delivered a hawkish surprise by hiking 50bp to 5.0%, bringing the total tightening this cycle to 475bp. The Norges Bank also surprised with a 50bp hike and maintained a tightening bias.
  • During Fed Chair Powell's second day of policy testimony to Congress, he reiterated the prevailing view that if the economy continues to perform as expected, it would be appropriate to raise rates again this year.
  • The BoC published the Minutes of the June meeting, revealing the underlying strength of the Canadian economy and concerns regarding the trajectory of inflation was likely to deliver more tightening.
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