Gold snaps 5-session win streak on Wednesday as traders focus on odds of a Fed pivot

44843 gold snaps 5 session win streak on wednesday as traders focus on odds of a fed pivot

Gold prices finished lower on Wednesday, ending the longest streak of gains for the precious metal since April, as some traders reconsidered the odds of a pivot by the Federal Reserve away from its aggressive rate-hiking stance. December gold GCZ22, -0.69% GC00, -0.69% fell $13.30, or 0.7%, to settle at $1,776.40 an ounce on Comex, according to FactSet. The yellow metal came under pressure from climbing Treasury yields and a strong U.S. dollar [s:dxy], both of which can dull the appeal of gold. Investors have now heard from several top Federal Reserve officials this week, including Richmond Fed President Thomas Barkin on Wednesday, who said the central bank sees a path to taming inflation, but that a recession could happen in the process. The lower close ended gold’s five-session win streak, its longest since April, according to Dow Jones Market Data.

Source: Marketwatch

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