Copper, gold both take hits

INTEREST rate expectations weighed on gold at midweek, sending it to its equal lowest level since March 2020.
Copper, gold both take hits Copper, gold both take hits Copper, gold both take hits Copper, gold both take hits Copper, gold both take hits

Treasury yields and the US dollar rose after Minneapolis Federal Reserve president Neel Kashkari reportedly said the central bank would keep lifting rates beyond 4.5-4.75% if inflation was still rising.

 
Comex gold futures fell as low as $1632.30 an ounce and last traded at $1634.20/oz, similar levels to the low hit late last month.
 
Spot gold was trading at $1629/oz.
 
BMO Capital Markets analysts attended the LBMA/LPPM Global Precious Metals Conference 2022 this week.
 
"It was somewhat surprising to see delegate polling results of one-year forward price predictions so bullish, with gold, silver, platinum, and palladium expected to reach $1830.5/oz, $28.30/oz, $1239/oz, and $2059/oz, respectively," analyst Colin Hamilton said. 
 
"While most of our interactions, and the panel discussions, saw a lack of price conviction one way or another. Perhaps the bulls were just a little less vocal verbally this year."
 
Base metals continued to be weak on concerns around Chinese growth.
 
Zinc and nickel rose but copper fell for a fourth straight day, hitting an October low of $7455.75 per tonne.
 

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