Gold’s 7 months of losses put it on path to longest losing streak in 5 decades – by Anna Golubova (Kitco News – October 31, 2022)

(Kitco News) Gold price is feeling the pain of seven months of consecutive losses β€” 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 β€” 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.

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