SPDR Gold Trust (ETF) (NYSE: GLD), the world's largest exchange-traded product backed by physical holdings of bullion, has lost 10 percent year-to-date.
With many market participants expecting the Federal Reserve to raise interest rates at its December meeting, GLD and rival gold ETFs are seeing their losses accelerate.
Gold On The Move
In just the past month, GLD is lower by 8.2 percent. On Monday, GLD notched its lowest close since the final trading day of the third quarter of 2009. As market participants continue resetting interest rate hike expectations to reflect the notion that the Federal Reserve will increase borrowing costs following its December meeting, plenty of rate-sensitive asset classes and sectors are coming under intense scrutiny.
Add commodities and commodities producers to that list – a list that most ...
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