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Gold ETFs, Stocks Risk Meltdown As Strong Dollar, Data And Fed Weigh – Investors Business Daily

August 31
14:00 2016

Gold stocks and gold exchange traded funds fell on Tuesday, pressured by a stronger dollar and data showing American consumer confidence hit a 12-month high in August.

Additionally, a Fed official added to a recent chorus of hawkish remarks from policymakers. Federal Reserve Vice Chair Stanley Fischer said in an interview Tuesday that the U.S. job market is nearly at full strength, and that the pace of interest rate hikes will depend on the strength of the economy, according to news reports.

Gold bugs await payrolls data later this week for further clues on the path of monetary tightening.

SPDR Gold Shares (GLD) slid 1% to 125.03 on the stock market today, approaching the July 25 consolidation low of 125.11. This commodity ETF sold off Friday in big volume after Fed Chairwoman Janet Yellen said the case for raising interest rates has “strengthened” in recent months.

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