Home/Commodities/Newsfeed

Gold On Course to Record 3 Straight Losing Years

Share Print 0



With gold down more than 8 percent year to date, the beaten-down commodity is tracking for its third-straight year of losses. The last time gold fell three years in a row was between 1996 and 1998. And according to some traders, there’s even more pain ahead.

The yellow metal has plunged more than 5 percent this month, following Fed chair Janet Yellen’s statement that a December rate hike is a “live possibility” and a strong jobs report on Friday.

But even if the Federal Reserve doesn’t raise interest rates in December, Gina Sanchez of Chantico Global said the weakness in gold will continue.

“The trend that we’re seeing is a trend that’s going to be in place for some time,” she said Friday on CNBC’s “Trading Nation.” “Gold hates a recovering economy, gold hates higher interest rates and gold hates a stronger dollar and those are all three things we can expect.”

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

Back to Top