Gold ( GC=F ) prices are under pressure on Tuesday, although August was the precious metal's best month since February. Yahoo Finance Senior Business Reporter Ines Ferré explains what's driving gold's recent market moves.
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Gold ( GC=F ) prices are under pressure on Tuesday, although August was the precious metal's best month since February. Yahoo Finance Senior Business Reporter Ines Ferré explains what's driving gold's recent market moves.
Yeah, look, if we take a look at gold, you are seeing gold that's been a bit under pressure yesterday and also on Friday. This is after Kevin uh Warsh's hawkish comments on Friday. But if you look at gold for the month of August, it had its met best month since February, up about 10%. And that's because of all of this fiscal spending. That's because investors uh believe that money printing is going to go on. And so, uh you have gold under pressure simply because yes, yields are rising and because also you you have the expectation that the Fed will need to hike rates, but nonetheless, it's been a rally for the month of August and uh Wall Street is expecting it to go even higher. Goldman Sachs saying it's going to go to 4,900 by the end of the year. Ed Yardeni is saying that any dip is going to be short-lived. He's expecting it to go to 5,000 by the end of this year.