Gold futures tally a second straight session loss

Gold futures declined Wednesday for a second consecutive session to mark another settlement at their lowest since April 11. Prices for the precious metal went into “freefall” on Tuesday and now appear to have stabilized around $1,950, said Craig Erlam, senior market analyst at OANDA. “This could potentially mark the new range support after a period of trading broadly between $1,900 and $1,950.” High inflation is prompting “more aggressive [Fed] tightening and traders may be fearing more to come, not to mention the economic consequences of such policy moves,” he said. June gold fell $3.40, or 0.2%, to settle at $1,955.60 an ounce after losing 1.4% on Tuesday.

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