Home Breadcrumb caret Industry News Breadcrumb caret Industry Breadcrumb caret Investments Breadcrumb caret Market Insights Why gold is pulling back: Nasdaq analyst Materials continue to perform decently, while gold drags on the TSX. By Staff | May 24, 2016 | Last updated on May 24, 2016 1 min read Gold has continued to pull back as it experiences weakness in response to more hawkish rhetoric from the U.S. Fed, says Prab Sagoo, associate director at Nasdaq Advisory Services, in his weekly market commentary. “Materials continue to perform decently, [but gold] is dragging on the TSX’s overall push higher,” he adds. Still, “Financials will benefit from talk of another rate increase, while interest rate sensitive sectors will come under a bit more pressure.” Read: Gold: The ultimate safe haven, or just a shiny metal? More highlights The BoC will make their next interest rate announcement on Wednesday, May 25th. We expect no change and a continued dovish tilt from them, and they may reference the Alberta wildfires as having a temporary impact on Q2 growth. Read: First estimate of Fort Mac losses as high as $45 million There will be several Fed officials speaking this week. And, Friday could see some volatility with Janet Yellen due to make a statement; we will also see a revised reading on U.S. GDP data before the market open. Read: U.S. Fed shouldn’t be data-dependent Last week was a busy one on the domestic economic front, with data at the tail end of week reflecting weakness on the retail front. But manufacturing data came in better than expected, even though still showed a negative reading and depicted decreases across the board. Meanwhile, core inflation came in at 2.2%—a tad bit higher than the BoC’s 2% target. Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo