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Gold, Crude Oil Prices Still at the Mercy of Fed Rate Hike Bets
Gold prices finished last week on the defensive as hawkish comments from Fed Chair Janet Yellen fueled rate hike speculation, boosting the US Dollar and undermining demand for anti-fiat assets (as expected). Crude oil prices followed suit, with a surging greenback putting de-facto selling pressure on the USD-denominated WTI contract. Yellen said “the case for an increase in the federal funds rate has strengthened in recent months”. Looking ahead, Fed policy speculation remains in focus as the central bank’s favored PCE inflation data is released. The core year-on-year rate is expected to tick lower, registering ... (full story)