Gold Hits 2024 Low on Hawkish Rate Expectations
Gold (XAU/USD) fell to a six-month low on Thursday, erasing all year-to-date gains, as expectations for prolonged high interest rates and technical selling pressured the metal.
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Gold (XAU/USD) dropped to its lowest level since early January on Thursday, completely reversing all gains accumulated in 2024.
The decline comes amid a strengthening view that central banks will maintain elevated interest rates for longer than previously anticipated.
Traders also pointed to technical selling as a contributing factor, which accelerated the metal's slide below key support levels. The combination of hawkish monetary policy expectations and profit-taking has kept buyers on the sidelines.
Source: FXStreet Forex News