GLDM is trading 3% down today as gold prices retreat amid hawkish Federal Reserve expectations and a strengthening US dollar.
- The ETF has extended its slide to 8.1% since June 16, pressured by rising real yields ahead of Thursday’s crucial PCE inflation report.
- Gold-related products are underperforming broader equity indices as markets price in a higher-for-longer interest rate path.
- Investors are unwinding defensive gold positions as the US dollar gains strength, impacting non-yielding assets like gold.