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Gold has biggest daily drop since late June, in aftermath of Fed, ECB

Investing.com - After the ride to seven-week highs just a fortnight ago, gold longs are now seeing the other end of the spectrum.

The yellow metal booked on Thursday its sharpest one-day loss since late June responding to the Federal Reserve’s return to the path of monetary tightening a day ago with a 25 basis point hike for July, and renewed pledge to stay hawkish to bring inflation to its long-term target of 2%.

Also weighing was the European Central Bank’s own quarter point rate hike on Thursday and signal that it could pause by September — a potentially dovish development that nevertheless pushed the dollar higher versus the euro, adding to gold’s downside.

The front-month August gold contract on New York’s Comex settled at $1945.70 per ounce, down $24.40, or 1.2%, on the day. That was the sharpest one day decline in Comex gold since late May.

Just two weeks ago, Comex gold hit a seven-week high of $1,988.25 — a peak it had not seen since cresting at the $2,000 level in late May.

The spot price of gold, which reflects physical trades in bullion and is more closely followed than futures by some traders, hovered at $1,943.76 an ounce by 16:00 ET (20:00 GMT), down $28.36, or 1.4%.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.