With gold down more than 8 percent year to date, the beaten-down commodity is tracking for its third-straight year of losses. The last time gold fell three years in a row was between 1996 and 1998. And according to some traders, there’s even more pain ahead.
The yellow metal has plunged more than 5 percent this month, following Fed chair Janet Yellen’s statement that a December rate hike is a “live possibility” and a strong jobs report on Friday.
But even if the Federal Reserve doesn’t raise interest rates in December, Gina Sanchez of Chantico Global said the weakness in gold will continue.
“The trend that we’re seeing is a trend that’s going to be in place for some time,” she said Friday on CNBC’s “Trading Nation.” “Gold hates a recovering economy, gold hates higher interest rates and gold hates a stronger dollar and those are all three things we can expect.”
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