Gold futures edge to the downside in early trade Monday, adding to the previous week's pullback.
Gold for April delivery GC00 GCJ22 on Comex was down $2.20, or 0.1%, at $1,927.10 an ounce. The yellow metal declined 2.8%, last week, marking the biggest weekly percentage decline for a most-active contract since the week ended Nov. 26, according to Dow Jones Market Data.
Gold for April delivery GC00 GCJ22 on Comex was down $2.20, or 0.1%, at $1,927.10 an ounce. The yellow metal declined 2.8%, last week, marking the biggest weekly percentage decline for a most-active contract since the week ended Nov. 26, according to Dow Jones Market Data. The Fed last week delivered a widely expected quarter-point rate increase and signaled it expected to deliver a total of 10 to 11 such hikes through the end of 2023. Some Fed officials have argued for the prospect of lifting rates by a half-point increment in the future, an option that Powell hasn’t ruled out.
“As a result, the supply of fiat money will increase faster than the supply of commodities. In other words, we should expect greater tolerance for higher inflation from” central banks, he said. Governments should also be expected to provide financial support to the economy, which means a boost to the money supply and a higher ratio of public debt to gross domestic product, Kuptsikevich wrote.
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