Gold prices dip in face of fewer rate cuts this year [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
Losses in gold came even as the dollar declined in overnight trade on a softer consumer price index reading. But the greenback steadied on Thursday, as markets digested a more hawkish outlook from the Fed. Spot gold fell 0.7% to $2,309.69 an ounce, while gold futures expiring in August slid 1.2% to $2,325.60 an ounce by 00:45 ET (04:45 GMT). Gold, precious metals hit by Fed outlook Broader metal prices weakened on Thursday after Fed Chair Jerome Powell said the central bank only expected to cut interest rates once this year, down from prior expectations of three cuts. Some policymakers were even seen calling for no rate cuts in the face of sticky inflation. The Fed also hiked its inflation forecast for the year. The prospect of high for longer rates bodes poorly for gold and other precious metals, given that it increases the opportunity cost of investing in non-yielding assets. This notion has kept any record highs in gold prices brief over the past year. Gold was also hi
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