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Gold declined as traders increased bets on Federal Reserve tightening after Governor Waller said the next rate move could be a hike as likely as a cut. Traders now fully price a quarter-point hike by December.
Expected tighter US monetary policy strengthens the dollar and raises yields, reducing the appeal of non-yielding assets and supporting the dollar against commodity-linked currencies.
bloomberg.comYvonne Yue LiMay 21, 2026After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
