| The Federal Reserve has spooked investors out of gold. Prices posted their biggest weekly slump in three years after hawkish comments from multiple Fed officials ignited concern that the central bank will soon raise U.S. interest rates. Investors are bracing for more declines, cutting their bets on a bullion rally by the most since late May.
Open interest in gold futures is slumping. Prices for silver, platinum and palladium have also declined. Higher rates reduce the appeal of precious metals as a store of value. A resilient U.S. job market and gains for the service economy have signaled that expansion can continue even if rates rise, curbing the need for haven assets..............................................Full Article: Source
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