Inflation keeps surging to multiyear highs, yet gold can’t catch a break.The most actively traded gold futures contract has fallen $79.90, or 4.4%, to $1,727.40 troy ounce in July, on pace for its fourth consecutive month of decline. That would be the longest losing streak for gold since November 2020, after fresh signs of accelerating inflation spurred bets that the Federal Reserve will act aggressively to tame inflation.
Many expect gold to bolster their portfolios against inflation, but it has fallen 5.5% this year. The S&P 500 is off about 17% in 2022.
