Gold futures suffer a sharp drop to their lowest finish since late April

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Gold futures dropped nearly 5% Thursday, with most-active contract prices marking their largest one-day loss of the year and lowest finish since April 30, according to FactSet data. “Gold’s overflowing stimulus trade was ended yesterday by the Fed’s dot plots,” said Edward Moya, senior market analyst at Oanda. The Federal Reserve on Wednesday signaled an interest rate increase sooner than previously expected. “The taper tantrum trade is hitting gold the hardest right now and could last a couple more sessions,” said Moya. August gold
GCQ21,
-4.34%
fell $86.60, or nearly 4.7%, to settle at $1,774.80 an ounce.

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