Published on 29/11/2022 4:23:26 PM | Source: Motilal Oswal Financial Services
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Below Commentary On Gold By Mr. Navneet Damani, Senior VP – Commodities Research, Motilal Oswal Financial Services
“Gold fell to lowest level in more than a week as the dollar rose from session lows on hawkish comments from members of the U.S. Federal Reserve reiterating their fight against inflation. Yesterday, a couple of Fed members stated that there was a long way to go to fight inflation, with Bullard stating that rates should be held high "throughout next year and into 2024." Officials expect inflation to remain moderate, but flagged drivers of underlying inflation, particularly in a red-hot labor market with “rapid” wage growth, as the most challenging. Treasury yields appear to have been pricing in the increasing prospect of a recession as a key part of the yield curve – the 2-year treasury yield over 10-year treasury yield remains deeply inverted.”
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