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Gold heads for worst month since 2016 on Fedâs hawkish shift
Spot gold was little changed at $1 776.76 an ounce at 9:28 a.m. in Singapore, after dropping 0.2% on Monday.
By Ranjeetha Pakiam, Bloomberg
29 Jun 2021 06:12
Image: Chris Ratcliffe/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 US 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.