Gold price struggling to catch a bid as New York Fed's Empire State survey drops to 7.6 - KITCO
Gold price struggling to catch a bid as New York Fed's Empire State survey drops to 7.6 - KITCO
Source: KITCO
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DW NOTE
The Empire State index drops to 7.6 — barely positive — while gold falls toward $4,350 despite the Strait of Hormuz entering its second month of closure and WTI holding above $100. If a 6% contraction in global oil supply and an 88.5% probability of a Fed hike can't lift gold, either the market sees no inflation threat or it's pricing something worse than inflation.