Gold sheds over 1% as bets for big Fed rate cut fade [CNBC]
U.S. Global Investors, Inc. - Class A (GROW)
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Source: CNBC
Gold sheds over 1% as bets for big Fed rate cut fade Ilya Naymushin | Reuters Gold fell more than 1% on Wednesday on signals the U.S. Federal Reserve would not make too steep a cut to interest rates next month, but still held ground above the key psychological $1,400 level. Fed Chairman Jerome Powell said on Tuesday the bank is "insulated from short-term political pressures" as policymakers contemplate monetary easing. Spot gold Prices hit a six-year peak of $1,438.63 in the previous session primarily on the back of heightened expectations that the Fed, like many counterparts around the world, would cut rates in acknowledgment of tepid economic stimulus and weak data. U.S. gold futures "In gold, people were looking for a reason to sell some just because over the past week and a half gold has gone up exponentially. It had that break down and then kept on running," said Michael Matousek, head trader at U.S. Global Investors. "You're seeing people playing the volatility." Powell stresse
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