The price of gold fell for a fifth straight month in August, marking its longest losing streak in four
years.
Expectations that central banks around the world will continue raising interest rates to lower
inflation have exerted downward pressure on the price of gold this year.
As a result, the price of gold is down 6% in 2022, having neared a record high when Russia
invaded Ukraine in February of this year.
The price of spot gold is now trading at $1,710.09 U.S. an ounce, its lowest level since mid-July.
The five months of consecutive decline marks the longest losing streak for gold since 2018.
Analysts forecast further declines in the price of gold through year’s end as the U.S. Federal
Reserve and other central banks around the world remain hawkish on monetary policy in an
effort to contain rising consumer prices.
