Gold Dips As The Interest Rate Expectations Crushes Its Appeal

Gold is Crashing

It’s not only cryptocurrencies that are crashing. Even the stock markets are getting hit, too. One of such stocks is the Gold stock. Gold fell today following the rising possibilities of higher interest rates associated with the non-yielding asset.

Spot Gold crashed by 0.2 percent to $1,807.40 per ounce today after reaching a 5-month low of $1,783.50 on Friday.

According to Han Tan, the chief market analyst at Exinity, a global wealth management group experienced in investments and trading, “Gold bulls are stuck in a quagmire of aggressive Fed policy actions, as the prospects of higher U.S. rates erode support for the precious metal.”

He furthered by saying, “markets have yet to fully price in a 75-bps hike at this month’s FOMC meeting. If policymakers are forced to turn more aggressive in the face of unwavering inflation, that could spell another leg down for gold prices.”

Apart from Gold, Silver also crashed by 0.3% to $19.81 per ounce, very close to its all-time lowest in 2 years. Platinum also fell by 0.7% to $882.75.

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