Gold futures drop on rising interest rate hike expectations.
Gold futures came under heavy pressure, testing lower levels as geopolitical escalation in the Middle East renewed inflation concerns and pulled forward expectations for Federal Reserve interest rate hikes. Non-yielding assets faced headwinds from rising rate probabilities reflected in the CME FedWatch Tool for upcoming FOMC meetings. Silver futures also broke sharply, falling over 5% into the $58 region and exhibiting higher beta relative to gold. Elsewhere in the metals complex, Copper futures slipped ahead of a U.S. decision regarding refined copper import tariffs, while Platinum futures joined the broader risk-off decline across precious and industrial metals. Phillip Streible analyzes key technical levels and market drivers.
Gold futures came under heavy pressure, testing lower levels as geopolitical escalation in the Middle East renewed inflation concerns and pulled forward expectations for Federal Reserve interest rate hikes.
Non-yielding assets faced headwinds from rising rate probabilities reflected in the CME FedWatch Tool for upcoming FOMC meetings.
Silver futures also broke sharply, falling over 5% into the $58 region and exhibiting higher beta relative to gold.
Elsewhere in the metals complex, Copper futures slipped ahead of a U.S. decision regarding refined copper import tariffs, while Platinum futures joined the broader risk-off decline across precious and industrial metals.
Phillip Streible analyzes key technical levels and market drivers.