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Tuesday, May 24, 2022

Gold Prices Recover After Largest Weekly Decline in Over a Year

Gold Prices Recover After Largest Weekly Decline in Over a Year© Reuters. Gold bounces after sharp weekly loss

Investing.com – Gold prices traded higher on Monday, recovering some lost territory after suffering its largest weekly decline in more than year, as traders waited for references from the Federal Reserve later this week.

At 10:41 AM ET (14:41 GMT), for December delivery on the Comex division of the New York Mercantile Exchange gained $8.70, or 0.72%, to $1,192.90 a troy ounce.

Gold futures ended last week down 2.86%, the largest weekly decline since early May 2017, after hitting $1,176.20 last Thursday, the lowest level since early January 2017.

Gold prices are down around 10.8% so far this year, pressured lower by the stronger dollar and rising interest rates.

Market participants will be paying close attention to any signals from the Fed this week on the future path of monetary policy.

On Wednesday, investors will get the chance to parse through the , when it left interest rates unchanged and indicated that it remains on track for additional rate hikes this year.

On Friday, is to make his first appearance as Fed chairman at the annual economic symposium in .

Investors will be on the lookout for any tweaks to the Fed’s outlook on inflation, the economy and trade war fears.

Markets are currently expecting the next rate hike to occur in , with odds of an additional increase in December hovering around 63%.

In other metals trading, rose 0.20% at $14.660 a troy ounce by 10:42 AM ET (14:42 GMT).

traded up 2.15% to $896.70 an ounce, while sister metal advanced 1.92% at $792.20.

In base metals, gained 1.18% to $2.660 a pound.

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Source: Investing.com

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