6 August
Gold stabilized above $1750 and halted gains amid hawkish comments from the Fed
Gold prices declined amid remarks by several U.S. Federal Reserve officials that the Fed will continue to fight inflation harshly.
U.S. inflation figures in October came in below expectations, reinforcing hopes that the Fed will ease its hawkish policy in the coming months and ease pressure on metals markets because of rising interest rates, according to Investing.com.
Expectations of a 50 basis point rate hike by the Fed in December have risen considerably, with markets estimating a smaller hike to be nearly 81% likely.
However, Fed Governor Christopher Waller stated on Sunday that although the bank is thinking about reducing the rate hike, it should not be taken as a softening of its stance in the fight against inflation.
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