Gold prices drop amid hawkish Fed outlook and strong US data.
TL;DR Summary
Gold prices fell nearly $30 due to a stronger US dollar, improved market sentiment, and investors not ruling out another Federal Reserve rate hike in June. The CME FedWatch Tool now sees a 38% chance of another 25-basis-point rate increase in June. Analysts warn that if $1,950 an ounce fails to hold, gold is at risk of more losses. As of now, it is too soon to call a bottom in gold.
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