This week gold holds above a strategic 4-wk low, awaits clues on Fed rate hike
Gold hit a four-week low of $1,323.20, under pressure from upbeat U.S. data in the run-up to a speech by Federal Reserve Chair Janet Yellen later today, which will be watched for clues on monetary policy. The current market sentiment expects the message to be hawkish in terms of the outlook for the U.S. economy and the possibility of a rate hike. So expect gold to be in a defensive mode until Yellen gives a clearer signal on the path of U.S. interest rate hikes.
*All metal prices are spot at time of writing and % change is from start of year to current date.
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