Gold Closes at Lowest Level in Nine Months

Gold prices declined on Thursday, as the U.S. Dollar (USD) continued to rise due to rising Treasury yields.

U.S. Treasury bond yields continued to rise today, as Federal Reserve Chairman Jerome Powell suggested that the Fed is closely monitoring changes in the bond market but said that current increases are not a reason for concern.

The Dollar Index (DXY), which measures the greenback’s performance against a basket of six major international currencies, is up by 0.72% following Powell’s remarks, reaching 91.60, after touching a daily high of 91.66.

Meanwhile, the benchmark 10-year Treasury bond yield exceeded 1.5%.

Gold futures for April delivery declined by $15.10, or 0.9%, to close at $1,700.70 per ounce.

The yellow metal most active contract was able to restore the $1,700 level, after falling earlier below $1,692 an ounce, however, it finished the session at its lowest closing level since June 5.

Year-to-date (YTD), gold has lost about 10%.