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Gold hovers near one-month low after Fed mulls earlier rate hikes

Thursday, June 17, 2021

Gold last traded at $1,780 an ounce. Silver at $25.99 an ounce.

NEWS SUMMARY: Precious metal prices traded near 1-month lows Thursday following the Fed's hawkish policy statement. U.S. stocks traded mostly lower a day after the Federal Reserve's rate outlook sparked a sell-off.

Reuters--"Gold prices pared early gains on Thursday to hover near their lowest levels in more than a month, bruised by an elevated dollar and yields after the U.S. Federal Reserve signaled it might raise interest rates sooner than expected....

'Gold was crushed overnight by a more hawkish Fed. It has staged a modest recovery in Asia, but the rally looks more like speculative dip buying and fast money short-covering, than a vote of confidence in the yellow metal,' said Jeffrey Halley, a senior market analyst at OANDA.

'The recovery in gold should be approached with caution as we have yet to see how a change in tone from the Fed will fully play out in markets.'....

Gold prices slipped more than 2.5% on Wednesday, hitting their lowest since May 6, after hawkish comments from Fed officials lifted the dollar to a two-month high, while U.S. Treasury yields jumped.

The Fed on Wednesday began closing the door on its pandemic-driven monetary policy with 11 of 18 central bank officials projecting at least two quarter-point interest rate increases for 2023. .

'Bargain-hunting, safe-haven demand and buying the dips emerged as gold fell to $1,804, although the change in Fed's script had benefited the dollar and Treasury yields rather than precious metals in the immediate term,' Avtar Sandu, a senior commodities manager at Phillip Futures, said in a note.

Silver was steady at $26.97 per ounce, while palladium dropped 1% to $2,770.72 and platinum was flat at $1,122."

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