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Touched Two-Month Low, 6% From Peak
Gold is firmer at 1948.74 (+0.4%) in the Asia-Pacific session, after closing 0.8% lower on Thursday at 1941.41, a two-month low.
- Gold is on track for its largest weekly decline, currently standing at 1.5%, in nearly four months. This decline comes as indications of resilience in the US economy raise the likelihood of the Federal Reserve continuing its rate hikes. The US GDP saw a slight upward revision for Q1, reaching an annualized rate of 1.3%. Additionally, the core PCE deflator was revised upward by 0.1% to a 5.0% annual rate for Q1.
- Traders have now fully factored in another 25bp hike by July. Higher interest rates traditionally having a negative impact on gold, which does not offer interest-bearing returns. As a result, the metal has experienced a decline of approximately 6% since its peak in early May, largely driven by speculation surrounding interest rates.
- However, the ongoing impasse concerning the US debt-ceiling is providing some support to the haven asset.
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