Gold drops on hawkish Fed and Chinese EV sales are super-charged

Kitco Media
By Kitco News
Published
Updated
Kitco News
The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

Gold ended its worst week since February as the Federal Reserve's outlook of two more rate hikes weighed on the precious metal. But some analysts don't see the macro picture supporting that hawkish view.

On Saturday mining audiences manager recorded Kitco Roundtable.

The gold market was down around $40 on the week, with August Comex gold futures last trading around the $1,930 level.

China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles (EVs) and other green cars, its biggest yet for the industry as it seeks to boost slower auto sales growth, that according to Reuters.

Share

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.