Gold price (XAU/USD) has been dumped heavily by market participants as Federal Reserve (Fed) policymakers reiterate their hawkish stance on the intere
Daily Digest Market Movers: Gold price falls as Fed sees more rate hikes appropriate
Robust consumer spending momentum may keep overall demand strong and inflationary pressures intact. This is making the so-called ‘last mile’ of inflation, which needs to be tamed, a hard nut to crack. Business spending on machinery and equipment accelerated as investors expect the Fed is done hiking interest rates. Orders for core goods also rose, indicating persistence in core inflation ahead.
China’s real-estate sector woes continue, as trading in shares of China Evergrande group was suspended as its chairman is in police custody amid deepening liquidation risks. Apart from that, deflation risks in the world’s second-largest economy are expected to mount further due to the growing jobless rate in the country.
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