Looking ahead, Federal Reserve rate hikes could put pressure on the gold markets. However, with the recent weakness, notably in Europe and China, the Fed could delay rate changes.
“It’s reflective of short-term market anxiety created by recent indications of a global market slowdown, which are likely to delay the timing of hikes in interest rates,” Tim Clark, a private client adviser at New York Securities Ltd, said in the article.
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Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own shares of GLD.