CUR - Gold falls to fresh three-month lows after burst of central bank rate hikes
2023-06-22 12:55:15 ET
- Gold futures slumped Thursday to the lowest level since mid-March following more hawkish talk from Federal Reserve Chairman Jerome Powell and a wave of interest rate increases from overseas central banks, including a surprise 50 basis point hike from the Bank of England.
- Front-month Comex gold ( XAUUSD:CUR ) for August delivery -0.9% to $1,926.80/oz, poised for a fifth straight daily decline, while July comex silver ( XAGUSD:CUR ) -1.3% to $22.51/oz.
- ETFs: ( NYSEARCA: GLD ), ( NYSEARCA: GDX ), ( GDXJ ), ( IAU ), ( NUGT ), ( PHYS ), ( GLDM ), ( AAAU ), ( SGOL ), ( BAR ), ( OUNZ ), ( SLV ), ( PSLV ), ( SIVR ), ( SIL ), ( SILJ ), ( SLVP )
- In testimony on Capitol Hill, Powell said a "strong majority" of policymakers support "a couple" more interest rate hikes later this year.
- Meanwhile, the Bank of England delivered a higher than expected 50 basis point rate hike, as the central bank struggles to slow the highest inflation in the G-7, while central banks in Switzerland, Norway and Turkey also raised rates.
For further details see:
Gold falls to fresh three-month lows after burst of central bank rate hikes