Spot gold reversed a four-week slide last week, but the rally may not last. Meanwhile, global subsidies for fossil fuels have never been higher even as the climate crisis wreaks havoc around the world.
Jerome Powell has spoken. The Federal Reserve chairman — in a highly anticipated speech at Jackson Hole on Friday — said the US central bank is prepared to raise interest rates further if needed and that borrowing costs would likely remain elevated. That took some of the edge off of spot gold’s first advance in five weeks, with it slipping back toward $1,900 an ounce.
While there are signs that US inflation may have peaked, the fact that the Fed’s tightening cycle may not be over will likely keep a lid on future gains for the non-interest bearing precious metal, which tends to have an inverse relationship with interest rates.Repeated pledges by governments to combat climate change and help mitigate extreme weather events have done little to curb subsidies for oil products, coal and natural gas, which surged to a record $7 trillion last year.
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