Business
Gold on Track for Weekly Loss on Rate-Hike Fears
Gold prices bounced back above $4,000 a troy ounce, but are still headed for a weekly loss as investors weigh the monetary policy outlook and developments in the Middle East.
“Gold is heading for a fourth weekly loss, with investor sentiment still shaken by the recent selloff as markets adjust to the twin headwinds of a hawkish Fed and a stronger dollar,” analysts at Saxo Bank said.
“While the technical breakdown continues to weigh on sentiment, continued declines in energy prices and softer bond yields may eventually reduce pressure on the Federal Reserve to tighten policy further, potentially offering some support to the precious metal.”
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