Investors focus on China and Fed comments which pressured gold lower
Today gold futures are trading under pressure as market participants react to multiple events including comments by several Federal Reserve officials, protests in China, Chairman Powell's upcoming speech, and Friday's jobs report.
The December contract of silver futures is also trading lower today. Currently, December futures are down -2.59% or $0.56 and fixed at $20.87. The most active front month in silver futures is also moving from December to the March 2023 contract which is currently down 54.9 cents or -2.59% and fixed at $21.065.
Chinese citizens have staged protests against China's strict Covid restrictions and lockdowns which have led to nationwide protests. Investors are concerned that the lockdowns and strict restrictions will limit economic growth in China the world's second-largest economy. During his interview with MarketWatch, he also added that"it seems markets are still underestimating the degree to which the Fed will need to keep policy tight in order to rein in inflation, explaining that there is still some expectation that inflation might subside on its own."
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