Not even the most hawkish Federal Reserve in decades can beat down the exuberance of gold enthusiasts at the industry’s biggest annual gathering.
Bullion had held above $1,700 an ounce for most of September, but tumbled last week after breaking through a key support level that has held since 2020. The selloff came amid investor jitters across the financial markets that the Fed will likely to raise interest rates by at least 75 basis points Wednesday and that an even bigger increase could lead to more volatility across all asset classes.
Investors have been fleeing gold of late. Hedge funds and money managers have turned net bearish on the precious metal, according to the latest Commodity Futures Trading Commission data.
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