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Gold Set for Worst Week in Six Years as War Curbs Rate-Cut Bets
- Gold is set for its worst weekly loss in six years, dropping about 7 percent this week to near US$4,650 an ounce as of March 20, 2024.
- Rising energy prices from the war in the Middle East have increased inflation concerns, reducing expectations for central banks to cut interest rates soon.
- Gold has fallen every week since February 28 due to rising Treasury yields, a stronger US dollar, and investor selling amid tensions involving the US, Israel, and Iran.
- The US Federal Reserve kept rates unchanged, with Chair Jerome Powell stating that rate cuts will depend on clear inflation progress, which has contributed to gold's recent decline.
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Total News Sources14
Leaning Left1Leaning Right5Center0Last UpdatedBias Distribution83% Right
Bias Distribution
- 83% of the sources lean Right
83% Right
L 17%
R 83%
Factuality
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