🔴 Gold Bullion ETF (CGL.TO) is trading 3.46% down as Fed rate-hike expectations pressure gold

CGL.TO is trading at CA$29.28 (-3.46%) as gold weakness pressures the ETF.

• Persistent U.S. inflation, stronger-than-expected growth and higher oil prices strengthened expectations of a possible December Fed rate hike, pressuring non-yielding bullion.
• A reported tanker attack in the Strait of Hormuz added to oil-supply and inflation concerns.
• Reuters reported spot gold down 0.9% at $3,982.85 per ounce at 0740 GMT; CAD hedging makes gold pressure, not currency translation, consistent with the decline; available reporting does not explain CGL.TO’s larger decline.