Picture: 123RF/RONNARONG THANUTHATTAPHONG
The dollar index hovered near a 20-year peak, reinforcing its status as the preferred safe-haven amid growing recession risks, while making gold more expensive for buyers holding other currencies. “A higher-than-expected headline CPI print on Wednesday should pave the way for yet another 75 basis points hike by the Fed later this month; a scenario widely interpreted to be a negative for gold,” said Han Tan, chief market analyst at Exinity.
“Any significant or lasting rise in the gold price is being precluded not only by the firm dollar but also by the ongoing and robust ETF outflows,” Commerzbank said in a note.
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