Gold set for biggest quarterly drop in 13 years, says Commerzbank
Gold briefly dipped below $4,000 per troy ounce before bargain buying emerged, but the metal is still heading for its largest quarterly drop in 13 years and a steep monthly loss, according to Commerzbank's Carsten Fritsch.
XAUUSD
Commerzbank analyst Carsten Fritsch reports that gold briefly dipped below $4,000 per troy ounce before bargain hunters stepped in. Despite this, the precious metal is on track for its deepest quarterly decline in 13 years and a significant monthly loss.
The sell-off is attributed to a repricing of Federal Reserve rate expectations, which has strengthened the US dollar and pushed yields higher, reducing gold's appeal. The quarterly drop marks a sharp reversal from earlier gains.
Source: FXStreet Forex News