June Gold: Don’t Give Up on the Long Side Yet
- Date: 27-Apr-2022
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
June Gold: Don’t Give Up on the Long Side Yet
Gold futures are edging higher at the mid-session on Tuesday, attempting to claw back some of yesterday’s steep losses that drove the market into its lowest level since February 25. Investors buying the current dip are betting that soaring inflation and stalling global growth will reignite the bullish tone.
At 16:28 GMT, June Comex gold futures are trading $1903.20, up $7.20 or +0.38%. The SPDR Gold Shares ETF (GLD) is at $177.45, up $0.40 or +0.23%.
Let’s face it, everybody and their mothers are expecting the Fed to raise its benchmark interest rate 50 basis points at its May 3-4 monetary policy meeting. Furthermore, there is also strong certainty the Fed will follow with similar rate hikes in June and July. After that, it will take a breather and raise rates only 25 basis points at every meeting until the end of the year.
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