Gold prices hit three-week low as Fed uncertainty persists
Investing.com-- Gold prices fell to a more-than three-week low on Thursday, extending a rash of recent losses after several Federal Reserve officials warned against bets that the central bank was done raising interest rates.
Their comments somewhat offset recent bets that the Fed’s rate hike cycle was over, and saw traders pivot back into rate-exposed assets such as the Such a scenario bodes poorly for gold, given that higher interest rates push up the opportunity cost of investing in bullion, which offers no yields. Signs of persistent economic weakness in the world’s largest copper importer pushed up concerns over slowing demand for the red metal- which has been a recurring trend this year.
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