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Gold fell to its lowest level since the early pandemic days and came close to a bear market, closing nearly 20% below its March all-time high. The selloff followed a run of central bank rate hikes, a record dollar, and renewed recession fears tied to the UK's economic plan.
A broad commodity selloff driven by rate hikes and a strong dollar signals weaker risk appetite across commodity markets, which can pressure feed commodity prices.
bloomberg.comYvonne Yue LiSep 23, 2022After 4,478 past macro events, US Dollar (Broad) moved a median +0.0% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.1% 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.
