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Closed: Nov 13, 16:00:00 (EDT)News
Gold Falls Below $4,200 in Single-Day Drop of Over $100: Why Are Gold Prices Plunging?
TradingKey·- Spot gold broke below the 4200 USD mark on September 28, plunging over 100 USD in a single day to hit a low of 4179.42 USD. - The sharp decline was driven by oil price rebounds amid Middle East tensions and rising expectations of further Federal Reserve interest rate hikes. - The probability of a 25 basis point rate hike in October rose to 68.1 %, increasing the opportunity cost of holding non-yielding gold and keeping short-term prices under downward pressure.Gold Heads for Weekly Drop
Trading Economics·Bond Selloff Rattles Global Markets
rttnews·- Strong U.S. economic data and surging crude oil prices triggered a global bond selloff due to renewed Federal Reserve rate hike fears. - The CME FedWatch tool indicated the probability of an October rate hike surpassed 75 percent. - Major global stock indexes, commodities like gold, and cryptocurrencies declined, while the Dollar Index and sovereign bond yields strengthened.