Why did gold price just plunge $70?

Washington (Jan 30)  As markets digested all of the Federal Reserve's hawkish signals, gold tumbled $70 from its two-month highs. Here's a look at Kitco's top three stories of the week:

1. Fed's Powell says inflation 'is slightly worse' than in December, signals March rate hike.

2. The International Monetary Fund cut its global growth outlook for 2022 to 4.4%. The U.S. and China saw the most significant downward revisions.

3. Goldman Sachs is long gold. The bank raised its 12-month price forecast to over $2,100 an ounce, advising investors to buy December 2022 gold futures.

KitcoNews