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Gold futures edged lower in early trade Tuesday.
Gold for June delivery
GC00,
GCM22,
fell $3.90, or 0.2%, to $1,955.10 an ounce on Comex, while May silver
SIK22,
shed 2.6 cents, or 0.1%, to $25.365 an ounce. Gold fell 1.4% Tuesday, after ending the previous session at a five-week high, while silver lost 2.9%.
Analysts said talk of peak U.S. inflation and slowing economic growth may be taking some steam out of precious metals, which have benefited from their reputation as an inflation hedge. The International Monetary Fund on Tuesday cut its forecast for global growth to 3.6% in 2022 from its January estimate of 4.4%, citing inflation and the Russia-Ukraine war as factors.
Commodities were mixed Wednesday, with a “slowing growth backdrop (China/EU) and the thoughts of peak inflation beginning to lessen the [year-to-date[ inflation “‘hedge bid’ to metals, including gold,” said Stephen Innes of SPI Asset Management, in a note.
