Gold sank to the lowest level since the early days of the pandemic, caught up in a broad selloff after a slew of central banks followed the Federal Reserve in raising interest rates to cool inflation. Bullion flirted with slipping into a bear market, closing nearly 20 per cent below the all-time high reached in March amid a broad retreat in everything from commodities to stocks as the dollar climbed to a record. Investors shed risky assets for cash after the UK’s economic plan reignited concerns that central banks’ aggressive interest-rate hikes may lead to a recession. Weakness in bullion is “very likely to persist” ... (full story)