Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
Toll Free: 888-419-7136
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Over 30 Years Experience
Park Avenue has over 30 years
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Rare Coin and Precious Metals.
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Dollar strength, looming rate hikes pin gold near 9-month low
7.12.22 - Inflation, Unemployment & Fed Credibility
Gold last traded at $1,726 an ounce. Silver at $18.97 an ounce.
NEWS SUMMARY: Precious metal prices steadied Tuesday near 9-month lows amid historic dollar strength. U.S. stocks teetered as traders braced for earnings.
CNBC--"Gold was pinned at near a nine-month low on Monday as bets for aggressive interest rate hikes by the U.S. Federal Reserve and the dollar's ascent dimmed appeal for bullion.
Despite recession risks, lately investors have opted for dollar over gold, pushing the currency to a near-two decade peak, also eroding appeal for bullion among overseas buyers.
Interest rate hikes, meanwhile, raise the opportunity cost of holding bullion since it pays no interest.
'Gold is under pressure as the dollar is making major runs and there is expectations of a fairly large interest increase after the (recent U.S.) federal report highlighted a strong labor market,' Edward Moya, senior analyst with OANDA, said. 'Gold prices could tentatively breach below the $1,700...'"
