Gold futures finished lower on Wednesday, making near an 11-month dip as investors continued to shed holdings in gold-backed exchange traded funds ahead of key central bank meetings, which may result in more aggressive interest rate hikes to control the soaring inflation. Holdings in bullion-backed funds have fallen for 15 days, the longest stretch since March 2021.
Gold futures for August lower by $10.5 or 1.0% to $1700.2 ounce on the Comex division of the New York Mercantile. Spot gold fell by 0.9% to $ 1,696.71 per ounce.