Gold's Year-to-Date Gains Nearly Wiped Out as Fed Rate Hike Bets Accelerate in June

According to Jin10, gold prices have erased most of their year-to-date gains since early January, with sharp declines accelerating in June as expectations for Federal Reserve rate hikes intensify. Since hitting a record high in late January, international gold prices have faced sustained downward pressure. Rising U.S. dollar strength and climbing Treasury bond yields have increased the opportunity cost of holding gold. However, global central banks have maintained robust appetite for gold purchases, with the precious metal's share in official reserves continuing to rise, providing support for prices over the medium to long term.
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