Shares of miners and other commodities producers declined as the dollar increased in the wake of the Federal Reserve's rate hike. "Central banks bought enough gold last year to bring their holdings to 31,000 metric tons, the highest level since 1999," said Tim Shirata, executive vice president at money manager Guild Investments, in a note to clients. "The world's governments, like many investors, see inflation as a long-term inevitability." The prospects for inflation and the possibility of more political shocks will likely sustain interest in gold purchases, the money manager said.
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(END) Dow Jones Newswires
June 15, 2017 16:20 ET (20:20 GMT)