Gold Plummets, Hunts for Floor Amid Fed Hikes
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Gold prices plummeted this month, marking the worst drop since 2008, as a robust dollar and rising interest rates dampened demand. U.S. gold futures climbed slightly, but the dollar index reached a 20-year high, making gold more expensive for international buyers. Analysts predict gold is searching for a stable price amidst Fed hawkishness, as it has lost nearly $400 since peaking at $2000 in March due to rising interest rates. Fresh economic data, including a surge in single-family home sales and a rebound in Midwest manufacturing, further supports the Feds decision to maintain aggressive rate hikes. Silver, platinum, and palladium prices, however, have seen gains.
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