KL - Gold miners slammed hard following Fed's hawkish turn

Gold futures tumble below $1,800/oz., poised for their biggest one-day loss in seven months, after the Federal Reserve sped up its expected pace of policy tightening.August Comex gold (XAUUSD:CUR) -4.1% at $1,784/oz., which would represent the steepest percentage drop since Nov. 9, according to FactSet data, while July silver (XAGUSD:CUR) -5.5% at $26.27/oz.Major precious metals miners indicate sharp losses in pre-market action, including: [[NEM]] -2.5%, [[GOLD]] -3.2%, [[AUY]] -3%, [[AU]] -2.9%, [[KGC]] -3.5%, [[AEM]] -2.8%, [[KL]] -3.3%, [[FNV]] -2.6%, [[WPM]] -3.7%, [[AG]] -4.7%, [[FSM]] -4.6%, [[EXK]] -6.8%.ETFs: [[GLD]], [[GDX]], [[NUGT]], [[SIL]], [[GGN]], [[DUST]], [[AGQ]]"The Fed's hawkish pivot is a major buzzkill for gold bulls that could see some momentum selling over the short-term," Oanda senior market analyst Edward Moya says. "Short-term Treasury yields will continue to rise and that should provide some underlying support for the dollar, which will keep commodities vulnerable."

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Gold, miners slammed hard following Fed's hawkish turn