goldoutlook Fed GLD economicdata Gold needs a new catalyst as prices end the week around $1,750
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Nicholas Frappell, global general manager at ABC Bullion, noted that gold's rally since the start of the month has been driven mostly by short covering, investors buying gold to cover their short trades. He added that investors are also not buying gold-backed exchange-traded products."Fresh buyers are not motivated in either the Futures or ETF space," he said.
Commodity analysts at TD Securities expect hawkish comments from Powell to weigh on gold as its upside momentum has run its course. In recent comments, Powell has said that the labor market has been too tight and the Fed would need to see more slack before it would start to ease back on its aggressive stance.
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