Gold’s Disconnect To Poor U.S. Economic Data Will Be Short-Lived - INTL FCStone
Gold’s Disconnect To Poor U.S. Economic Data Will Be Short-Lived – INTL FCStone
By Neils Christensen of Kitco News; [email protected]
www.kitco.com
Analysts and economists are now starting to drop expectations of a June rate hike and are focused on a liftoff starting in September, but, despite this delay gold prices remain lackluster, hitting a low of $1,199.30 an ounce overnight. However, Edward Meir, commodity consultant with INTL FCStone, says that he expects the yellow metal to push higher heading into the end of the week. “We found it puzzling that gold sold off as much as it did on Wednesday, as we thought that it would instead gain strength from the deteriorating macro outlook…,” he says. “Despite this disconnect in gold’s performance, we think Wednesday’s modest retreat will likely prove to be short-lived and would not be surprised to see the precious metals complex regroup going into the balance of the week on account of what we suspect will be a continued erosion in the dollar.”
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