Gold on track to hit third monthly loss in a row

2022-06-30 14:10:45 GMT (

Gold prices fell in European trade for the fourth straight session to six-week lows as dollar climbs against a basket of major rivals.


The precious metal is heading for the third monthly loss in a row on weak demand on non-yielding assets and higher interest rates. 


Prices Today


Gold prices declined 0.8% today to 1,802 an ounce, the lowest since May 16, after closing down 0.1% yesterday, the third loss in a row. 


The Dollar


The dollar index rose 0.5% on Thursday, marking two-week highs at 105.54 against major rivals. 


Markets continue to favor US bonds over gold amid bullish remarks by Fed Chair Jerome Powell's bullish remarks on interest rates this year. 


Monthly Trading 


Gold is down 2% so far in June on track for the third monthly loss in a row as global central banks move to control runaway inflation. 


The Fed took a historic decision this month to hike rates by 0.75% to 1.75%, the highest hike since 1994. 


Bank of England hiked rates by 25 basis points to 1.25%, the fifth such increase in a row.


Swiss Central Bank decided to hike rates by 50 basis points at the June 16 meeting to minus 0.25%, the first such increase since 2007, while analysts expected no change at minus 0.75%.


Higher interest rates weaken demand on gold prices as it becomes less attractive as an investment.




Gold holdings at the SPDR Gold Trust fell 1.74 tones yesterday, the seventh decline in a row to a total of 1,052 tones. 

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