Gold (XAU) Hits Six-Month Low as Inflation Fears Rise
Published on · Source: cnbc.com
AI Summary
Summarized by AI from the source belowGold futures (XAU) fell to $4,046.20, marking a six-month low on Thursday, driven by concerns of increased Federal Reserve interest rates due to rising inflation. The metal is down 6.3% this week and remains on track for its worst week since March, when gold fell 9.62%. The Fed is expected to hold its benchmark lending rate steady at 3.50% to 3.75%, with a 67% chance of a potential rate hike by December. Citigroup has flagged a major technical signal as gold broke below its 200-day moving average for the first time since September 2023.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
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