Holistically the markets move in cycles and it has the tendency to be forward-looking. Therefore, both the good and the bad news gets discounted before it has truly occurred. The news that the West could go into recession is no longer ‘NEWS’. It has been fairly discounted by the market like it had discounted previous major events.
Gold heads for sharpest weekly decline in four months on Fed rate outlook
Gold prices took a hit on Friday amid strong indicators of US economic growth and climbing oil prices. Spot gold prices sank to their lowest