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Gold’s recent tumble has made it more attractive in an environment in which elevated interest rates boost the odds of unexpected market ructions, according to Nikko Asset Management.
Gold has been driven lower in recent months as the US Federal Reserve hiked interest rates to quell inflation, with investors absorbing the message from policymakers that borrowing costs are likely to be higher for longer. That’s aided the US dollar and fed a dramatic surge in benchmark 10-year Treasury yields, cutting bullion’s allure. Against that backdrop, holdings in gold-backed exchange-traded funds have hit the lowest in more than three years.
After topping $2,000 an ounce as recently as May, gold then posted back-to-back quarterly losses to erase year-to-date gains. Spot bullion hit the lowest level since March this week, and last traded at about $1,820 an ounce.
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