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Gold prices fell on Friday and were on track for a weekly decline. The drop followed signals from U.S. Federal Reserve officials that more interest rate hikes were needed to lower inflation.
Expectations of higher U.S. rates strengthen the dollar and raise the opportunity cost of holding non-yielding metal, which weighs on precious metals prices. Firmer dollar conditions also weigh on dollar-priced commodities more broadly.
reuters.comSeher DareenNov 18, 2022After 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.
