The precious metal has hovered in a narrow trading range since late last week as a gauge of the greenback retreated for three straight sessions through Tuesday in a sign of waning haven demand. Holdings in gold-backed ETFs have dropped for 15 days, the longest stretch since March 2021, according to initial data compiled by Bloomberg.
Traders are awaiting key central bank decisions to see how policy makers will address soaring inflation. The European Central Bank may consider raising interest rates on Thursday by double the quarter-point it outlined just last month, according to people familiar with the situation. The Federal Reserve’s meeting on July 26-27 will also be closely watched.
The real reason gold is down.
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