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Market move● Neutral for Indian equities
Gold rises despite Fed rate hike as real-yield link weakens, central-bank buying accelerates: Monarch PMS
The brief
- Gold is strengthening despite higher US real yields and a Fed rate hike
- Central-bank buying, inflation risks and energy uncertainty are supporting gold
- Gold strength may benefit Indian jewellery makers and gold-loan lenders, while raising input costs for jewellers
- Look closer, and Wall Street’s rally is showing cracks
- US 30-year Treasury yield tops 5.53% as consumer sentiment strengthens
- Fed’s Hammack says bond yield surge not about lost inflation confidence
- Fed’s Hammack says public’s inflation expectations could worsen
- Mounting rate hike bets keep weekly loss in sight for gold