Gold drops after the Fed's big surprise

Gold Price: $1,789.63. News: 7th worst drop for gold prices in history after the US Fed suggests early interest rate rise, mandatory gold hallmarking in India, UAE gold smuggling, and more gold news.

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Gold Price (USD/OZ)

18 June 2021: $1,789.63 [View live gold price.]

Change from last week: -$110.72 (-5.83%)

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7th worst drop for gold prices in history as pundits call US Fed 'hawkish' despite no hikes 'til 2023

“Gold prices sank below $1800 per ounce in London on Thursday, extending its 7th worst-ever trading day after the US Federal Reserve spooked the bond, equity and commodity markets by signalling an earlier rise in interest rates than previously forecast, leading in turn to expectations that its QE bond-buying will start to 'taper' sooner than later.”

Gold got crushed after the Fed’s big surprise. Here’s what could happen next.

Gold drops nearly 5% after Fed ups inflation forecasts but signals higher interest rates

“One analyst says the selloff may have already gone too far.”

Commerzbank expects gold to rise to $2,000/oz by end of 2021 – Reuters

OCBC sees gold price falling to $1,500 by end of 2022

Gold, Basel III, and a time warp to December 31, 1974

“Europe will implement Basel III regulations by the end of June, among other things, making physical gold a 0% risk asset, but not unallocated paper gold.”

Gold hallmarking becomes mandatory: How it impacts your old jewellery [India]

“A scheme for mandatory hallmarking of gold jewellery and artefacts has been launched from Wednesday in a phased manner. Here is how it will impact individuals who own gold jewellery and artefacts without a hallmark.”

Swiss gold exports to India plunged in May as coronavirus cases surged

Tanzania to add gold to reserves, resume $3 billion iron project

“Tanzania launched a new gold refinery as its central bank plans to start buying the metal to diversify its reserves.”

Can't decide between gold or bitcoin? Why not both?

UAE diplomats accused in international gold smuggling syndicate

“The UAE is a key hub for gold trading linked to money laundering, organized crime and terrorist financing. The authorities have promised to clean up their act, but a court case in India suggests there is still a long way to go.”

Kingdom set to be a gold producer

“Cambodia will soon join the roster of gold producing countries after the government announced the commencement of commercial gold mining operations in the Okvau area in southwestern Mondulkiri province's Keo Seima district from June 21.”

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