business π° Gold's rally paused amid Fed rate hike fears π
Gold's five-week winning streak abruptly stopped as it traded near \$4,500 an ounce after hawkish comments from Fed Chair Kevin Warsh. On Friday, spot gold dropped 2.74% to \$4,473.80, with markets now seeing a 55% chance of a September rate hike. Despite the pullback, many analysts believe gold has significant upside potential for the rest of the year. They argue that broader macro forces and high government debt outweigh the impact of single hawkish speeches. Investors are advised to view pullbacks as potential buying opportunities amidst ongoing economic uncertainty.