finance
Gold Price Falls to $4,540 as ETF Outflows Rise
Gold prices have declined to $4,540, down 19 percent from the year's high. Investors have withdrawn more than $6.7 billion from two major gold ETFs this year.
May 17, 4:30 PM·1m read1 source
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Gold prices have fallen to $4,540, a decline of 19 percent from the highest level reached this year. The drop comes as investors continue to sell holdings in major gold exchange-traded funds.
The iShares Gold Trust has seen more than $1.9 billion withdrawn over the same period. These withdrawals have coincided with reduced expectations that the Federal Reserve will lower interest rates this year.
Gundlach, founder of DoubleLine Capital, said in a statement to Fox News that rate cuts are unlikely. He stated that it is not possible to cut interest rates when the two-year Treasury yield is almost 50 basis points above the federal funds rate. The price movement has also been linked to a technical pattern known as a death cross, which occurs when a short-term moving average crosses below a longer-term average.
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