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Gold - Gradual Risk-Off Return to Elevate Price Action
Global equity markets rallied over the past two months, driven by misplaced economic optimism of retail traders. Gold remained elevated, suggesting institutional demand for the world’s primary safe-haven assets remained stable. It also confirmed a disconnect between consumer consensus and economic reality. Earlier this week, US Federal Reserve Chairman Powell deflated optimism after confirming the central bank’s outlook of a long recovery. He pledged no interest rate increase until 2023 at the earliest, sending equity markets in the US to their worst daily loss since March. Gold was able to complete a breakout ... (full story)