(Kitco News) Gold price is feeling the pain of seven months of consecutive losses — the longest string of declines in more than five decades. And this at a time when the Federal Reserve is about to announce its fourth consecutive 75-basis-point hike.
Spot gold is looking to wrap up October down 1.4% on the month, its seventh monthly decline in a row — something not seen since 1968. Year-to-date, gold is down around 10%. Since the end of March, gold has dropped more than 15%.
After peaking above $2,000 an ounce in March following Russia’s invasion of Ukraine, gold has struggled to maintain any new gains. It has primarily traded in a downtrend, with a strong U.S. dollar and higher Treasury yields weighing on the precious metal.
While many continue to debate a Fed pivot or at least a possibility of a slowdown in the next few months, the U.S. central bank is still on track for another oversized rate hike this Wednesday.