Gold declines by over $27 as hope diminishes of a rate cut this year
Gold spot and futures both declined by over 1% today as traders reacted to dollar strength and stronger yields on U.S. Treasuries. But that explanation lacks the complete backdrop to the multiple reasons why gold is trading under pressure today.
This week's jobs report could be an underlying factor enticing some traders and investors to take profits ahead of the report.Although last week's FOMC meeting statements and comments by Chairman Powell left many investors, analysts, and economists with more questions than answers regarding the future guidance as it pertains to the monetary policy of the Federal Reserve, it is widely believed that next month's FOMC meeting will not contain another rate hike.
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