gold Gold's 7 months of losses put it on path to longest losing streak in 5 decades
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.
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. Goldman estimates rate increases of 75 bps this week, 50 bps in December, and 25 bps in February and March. It also added that"uncomfortably high" inflation, the need for slower economic growth, and worries of premature easing are the main reasons the Fed could keep tightening policy beyond February.
With the Fed's announcement in just under 48 hours, the main question is whether the central bank will be slowing down after the November meeting. A shift to a slower rate hike pace would be positive for gold, which is why some analysts are getting more bullish on the precious metal. However, many analysts remain cautious, noting that markets overestimate a Fed pivot."[The] press conference will be closely watched, but we expect Chair Powell to maintain the hawkish tone that has been consistently held since Jackson Hole in late August. We do not think he will give the markets what they are looking for, which is some hint of a pivot. After the decision, Fed officials will go forth to spread the message," said BBH Global Currency Strategy head Win Thin.
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