Lates News

Gold is likely to record its largest weekly decline since 1983. Spot gold has fallen more than 9% so far this week, marking the eighth consecutive trading day of decline, the longest continuous decline since October 2023. COMEX gold futures have also fallen nearly 10% this week. The Middle East conflict has pushed up energy prices and weakened expectations of interest rate cuts in the market. Since the US and Israel began attacking Iran last month, gold, which is widely seen as a safe-haven asset, has experienced weekly declines. As gold prices fall, US Treasury yields and the US dollar strengthen, causing investors to sell gold to offset losses in other assets. Gold ETFs have seen outflows of funds, with global holdings erasing all the increases since the beginning of the year. Bloomberg data shows that gold ETFs have seen outflows of funds for the third consecutive week, with holdings decreasing by over 60 tons.