Gold bounces back after letting go
Gold prices moved little on Friday, and were nursing steep losses for June as strong U.S. economic data pushed up risk appetite and also fed into concerns over more interest rate hikes by the Federal Reserve.
The yellow metal tumbled to three-month lows this week following a string of hawkish signals from Fed officials, most notably Chair Jerome Powell, who reiterated that the bank could hike rates at least two more times this year.
A sharp upward revision in U.S. gross domestic product data also showed that the world’s largest economy was more resilient than expected, denting gold’s safe haven appeal. It also pushed up concerns that the Fed will have enough economic headroom to keep raising rates- a scenario that also heralds more pressure on gold.
Spot gold was flat at $1,908.01 an ounce, while gold futures fell 0.1% to $1,915.95 an ounce by 21:59 ET (01:59 GMT). Both contracts were down 2.7% and 3.3% in June, respectively.
GOLD SELL 1915 - 1914💯💯
✅ TP1: 1910
✅ TP2: 1905
🛑 SL: 1920
The yellow metal tumbled to three-month lows this week following a string of hawkish signals from Fed officials, most notably Chair Jerome Powell, who reiterated that the bank could hike rates at least two more times this year.
A sharp upward revision in U.S. gross domestic product data also showed that the world’s largest economy was more resilient than expected, denting gold’s safe haven appeal. It also pushed up concerns that the Fed will have enough economic headroom to keep raising rates- a scenario that also heralds more pressure on gold.
Spot gold was flat at $1,908.01 an ounce, while gold futures fell 0.1% to $1,915.95 an ounce by 21:59 ET (01:59 GMT). Both contracts were down 2.7% and 3.3% in June, respectively.
GOLD SELL 1915 - 1914💯💯 ✅ TP1: 1910
✅ TP2: 1905
🛑 SL: 1920
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