Fed’s tapering could undermine bullion’s role as a hedge against inflation and currency debasement due to stimulus
Bengaluru — Gold prices hit a more than five-week low on Monday as the dollar firmed with markets closely watching a US Federal Reserve meeting for clues on when the bank will start tapering its crisis-era stimulus measures.
The market is starting to think that a taper announcement could be imminent and that there could be a hawkish surprise in the dot plots, said Stephen Innes, managing partner at SPI Asset Management. “It really looks like the markets turned quite bearish on gold, with some critical support levels giving away and I think this does open up for a test of $1,700,” Innes said.
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