Gold Price Forecast: XAU/USD selling continued – ANZ

Gold prices continued to inch lower on Wednesday. Strategists at ANZ Bank analyze the yellow metal’s outlook.

Expectations of a tighter monetary policy to sustain for longer raised 

Weak ADP job reports lowered market expectations of a November rate hike from 30% to 20% as suggested by Bloomberg. However, Gold selling continued. 

Investors responded to increasing market conviction of ‘higher for longer’ interest rates by selling Gold ETF holdings.   

See – Gold Price Forecast: XAU/USD could bottom out at just shy of $1,820 – Commerzbank