Gold fell below $4,000/oz ahead of Kevin Warsh’s speech at the ECB forum in
Portugal as investors priced renewed Fed tightening. Saxo Bank analysts said
buying interest was insufficient to establish the level as support. They added
that, despite easing energy prices, investors still expect the Fed may tighten
further to counter an inf rebound; gold slid 14% in Q2, its worst quarterly
decline since 2013.
