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According to the CME Fed Watch Tool, markets see an 11% chance of a rate cut in June and a 30% chance of a move in July. This does create solid headwinds for gold as the Federal Reserve’s restrictive monetary policy supports higher bond yields and a stronger U.S. dollar. However, they are not alone; the International Monetary Fund recently noted that China is also on an unsustainable path. The IMF also called out nations like the U.K. and Italy for their out-of-control spending.
Chantelle Schieven, Head of Research at Capitalight Research, said that the U.S. government’s growing debt is one reason why central banks have bought unprecedented amounts of gold in the last two years.
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