Gold drops to four-plus-month low with rate-cut bets undercut by Fed talk
Gold futures headed sharply lower Thursday, putting bullion on pace for the lowest settlement since late December, a day after Federal Reserve Chairman Jerome Powell cast doubt about the prospect for a near-term rate reduction.
Gold ended lower on Wednesday, then extended losses in electronic trading as Powell, in a news conference following the Fed’s widely expected decision to leave rates on hold, described subdued inflation pressures as “transitory.” Meanwhile, data from the World Gold Council showed global demand for the precious metal rose 7% year-on-year in the first quarter .The WGC said the year-over-year rise was driven largely by continued growth in central bank buying as well as flows into gold-backed exchange-traded funds. Central banks bought 145.5 tons of gold in the first quarter, the data showed, up 68% on the same period in 2018 and the strongest start to a year since 2013. ETFs and similar products added 40.
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