Bengaluru — Gold prices slipped on Thursday, with bullion's outlook hurt by the fear the US Federal Reserve could go for a more aggressive interest rate hike in July to fight skyrocketing inflation.The dollar steadied close to 20-year highs, hurting demand for greenback-priced gold among buyers holding other currencies.
“The CPI [consumer price index] release generated volatility but not direction,” said Ilya Spivak, a currency strategist at DailyFX, reasoning that markets now probably expected the Fed to front-load rates more, and not necessarily tighten more overall, but said gold still had a bearish outlook. Global markets also swung wildly in the previous session. The Fed is expected to ramp up its battle with sky-high inflation with a supersized 100 basis points rate hike at its upcoming policy meeting on July 26-27.
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