Gold traded at the lowest level in the last two months with the harsh Covid-19 in China and hawkish statements from Fed officials.

According to the World Gold Council (WGC), the strict measures taken by China against Covid-19 will weaken the demand for gold. According to the quarterly report of WGC published on Thursday, it is seen that the Covid-19 measures taken in China, the world’s largest consumer, weakened demand.

The slowing growth in China and the aggravating epidemic in the country complicate the outlook for gold.

Gold, which is mostly used as a hedge against inflation, gave back some of its earnings for the year due to the war in Ukraine. In addition, new hawkish statements from the FED continued the pressure on gold, causing it to trade at $ 1882.97, which is close to the lowest level of the last two months, with a decrease of 0.2 percent.