Business Maverick: Gold Steady Near 11-Month Low as Traders Weigh Rate Hike Outlook

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Gold held near an 11-month low as traders assess the outlook for further monetary policy tightening and the impact on global growth.

Bullion hovered above the $1,700 an ounce level as it continued to be pressured by the strength of the US dollar, a sign of the prevailing caution in global markets. Still, a gauge of the greenback has retreated from a record hit last week.

Investors are awaiting the Federal Reserve’s meeting on July 26 and July 27 for a hint on how aggressive the central bank will be in raising interest rates to tackle searing inflation. For now, the latest US data reinforce policy makers’ support for another 75-basis-point hike, according to Bloomberg Economics.

 

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