One analyst says gold prices are taking their cue from a build-up in rate-hike expectations, brought on by an improved US jobs report
Bengaluru — Gold prices fell to a one-week low on Monday, as solid US jobs data added to worries that the US Federal Reserve would charge ahead with aggressive interest rate hikes to tame inflation.
“Gold prices are taking their cue from the build-up in rate-hike expectations from last week, brought on by the hotter-than-expected US job report,” said IG market strategist Yeap Jun Rong. “The core CPI is expected to show some persistence and should keep the Fed's rate-hike process well-anchored,” said Yeap adding that gold prices seemed to remain locked in a downward trend for now.
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