Gold edges down as markets assess Fed’s rate outlook

Gold edged lower on Monday after eking out a narrow gain last week, as investors assessed the U.S. Federal Reserve officials’ decision to flag further interest rate hikes ahead of a consumer inflation print later this week.

Spot gold was down 0.1% at $1,922.76 per ounce by 0525 GMT, while U.S. gold futures
fell 0.2% to $1,942.30.

Falling holdings of global gold exchange-traded funds, or ETF, show that investing demand remains poor, said Praveen Singh, associate vice-president at Sharekhan, adding higher yields will pressure the precious metal.

SPDR Gold Trust, the world’s largest gold-backed ETF, said its holdings fell on Friday to their lowest level since Jan. 2020.

source: CNBC