Gold nosedives Thursday, puts futures on the verge of worst daily drop in 7 months


Gold futures were headed for their biggest one-day loss in about seven months Thursday, following a hawkish turn by the Federal Reserve. August gold contracts were down 4.2% at $1,784.80, which would represent the steepest percentage drop since Nov. 9, FactSet data show. The tumble comes after the Federal Open Market Committee signaled an interest rate rise soon than expected, with its forecasts suggesting two increases in 2023. And the Fed lifted its inflation forecasts for this year and next. The moves helped to jolt the U.S. dollar
higher along with benchmark yields for government debt, weighing mightily on the yellow metal.


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