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Gold Is Losing Again, And It’s Not Because Of Bitcoin

A gold necklace and earrings displayed inside a Titan Co. Tanishq jewelry store.

A gold necklace and earrings displayed inside a Titan Co. Tanishq jewelry store.

Photographer: Dhiraj Singh/Bloomberg

Goldbugs are taking the L again today.

In the immediate aftermath of the news that President Biden would be re-appointing Jerome Powell for another term atop the Fed, the yellow metal took a notable mover lower.