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Gold settles at its lowest price in nearly 2 weeks

Gold futures fell on Tuesday, posting back-to-back losses to mark their lowest settlement in nearly two weeks. “It’s not surprising that gold continues to struggle on upticks,” said Peter Grant, vice president and senior metals strategist at Zaner Metals and Tornado Precious Metals Solutions. He points out that Federal Reserve Chairman Jerome Powell last week said the Fed won’t hesitate to impose a more painful solution if current policy measures fail to get inflation back to the 2% target, and the implication is that the “pain would take the form of even more aggressive rate hikes that would further slow the economy and raise unemployment.” Still, “while persistently hot inflation hasn’t pulled investors back into the gold market, maybe a dose of Fed-induced ‘pain’ will,” said Grant. August gold declined $3.60, or 0.2%, to settle at $1,821.20 an ounce, the lowest most-active contract finish since June 15, FactSet data show.

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