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  4. Gold Heads for Worst Month Since 2016 on Fed’s Hawkish Shift
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Gold Heads for Worst Month Since 2016 on Fed’s Hawkish Shift

(Bloomberg) -- Gold headed for the biggest monthly drop in more than four years after the Federal Reserve sped up their expected pace of policy tightening, sending prices tumbling...
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Gold Heads for Worst Month Since 2016 on Fed’s Hawkish Shift © Reuters. Gold Heads for Worst Month Since 2016 on Fed’s Hawkish Shift

(Bloomberg) -- Gold headed for the biggest monthly drop in more than four years after the Federal Reserve sped up their expected pace of policy tightening, sending prices tumbling below $1,800 an ounce.

The rise in U.S. stocks to a fresh record and a resurgent dollar have also weighed on the precious metal. Investors are also assessing new travel restrictions in Europe amid concerns about the coronavirus delta variant, which helped spur a re-think of the reflation trade.

Bullion is stabilizing below $1,800 an ounce as traders now focus on the timing of when policy makers may start dialing back stimulus. Fed officials meeting in June responded to increasing inflation risks by pulling forward their expected timing and pace of interest-rate increases, from the current near-zero level, and kicking off a discussion of when to taper asset purchases.

“Gold is starting to find support here at the $1,775 level,” said John Feeney, business development manager at Sydney-based bullion dealer Guardian Gold Australia. “We are starting to see investors moving back into metals on these lower prices now, as the Fed’s more hawkish shift seems to be priced in.”

Spot gold was little changed at $1,776.76 an ounce at 9:28 a.m. in Singapore, after dropping 0.2% on Monday. Prices are down 6.8% this month, the most since November 2016. Silver, palladium and platinum steadied. The Bloomberg Dollar Spot Index is up 1.8% in June, heading for the biggest monthly gain since March 2020.

©2021 Bloomberg L.P.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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