Gold pressured by Fed's hawkish stance, expected to post largest monthly drop since late 2008

Jinshi Data June 30 - Gold prices are falling, expected to post the largest monthly decline since October 2008; on a quarterly basis, gold is also set to record its first quarterly drop since 2024, with the biggest decline since Q2 2013. Although the situation in the Middle East remains uncertain, the market is now more concerned about how far the U.S. will go to control inflation. Marex analyst Edward Meir said that the three factors of high inflation, high interest rate expectations, and a strong dollar are combining to suppress all the reasons that typically support gold prices. Christopher Wong, precious metals strategist at OCBC Bank, pointed out that gold bulls need to see at least one turning point — a decline in real yields, a weaker dollar, or a clear easing of the market's hawkish expectations of the Fed. Before that, any rebound in gold prices is unlikely to be sustained, and more likely to fluctuate repeatedly below previous highs.
(From Jinshi Data App)