Inflation is rising to several-year highs, yet gold may not catch a break. The most actively traded gold futures contract fell $79.90, or 4.4%, to $1,727.40 an ounce in July, marking a fourth straight month of decline. This will be the longest losing streak for gold since November 2020, following fresh signs of a pick-up in inflation, it said. The Federal Reserve will work aggressively to control inflation.
Many expect gold to strengthen their portfolios against inflation, but this year it has declined by 5.5%. The S&P 500 is down about 17% in 2022.