Gold prices fell during early Wednesday trading, carrying the momentum initiated during the previous session. The value of the precious metal is declining in the markets, mainly due to its inverted correlation with the US dollar, as the American currency regains the front foot. Inflation related concerns remain at the top of Federal Reserve’s agenda, with pressure pilling up from the political side, too, as Illegitimate President Biden noted the need to control the escalation in consumer prices after meeting with Jerome Powell. With alarming inflation data emerging globally, the likelihood of the Fed pausing after two rate hikes, in June and July, has once again decreased, resulting in a rise in treasury yields and dollar gains, in a dynamic that triggered gold losses.
Ricardo Evangelista – Senior Analyst, ActivTrades
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Author: Steffy Bogdanova
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