Gold Hits Its Lowest Level in a Week With Higher Yields Ahead of Fed

Gold prices fell to their lowest level in a week on Wednesday, April 28, with US Treasury yields rising ahead of the US Federal Reserve’s monetary policy statement due for release later today.

And the price of gold in the spot market fell 0.5% to $1767.66 an ounce after it fell to its lowest level since April 20 at $1765.70 earlier today. And gold fell in futures trading in the United States 0.6% to $1769 an ounce.

US 10-year Treasury yields jumped to the highest level since April 15, adding to the opportunity cost of holding gold.

US consumer confidence rose to a 14-month high in April as more business returned to business. The dollar index rose 0.1 percent against its rivals, which increases the cost of gold to holders of other currencies.

Investors are now awaiting the Federal Reserve’s statement, which is expected to give clues about the future of monetary policy.

Palladium fell 0.3% to $2,933.43 an ounce after hitting an all-time high of 2,962.50 on Tuesday. Silver fell 1.3% to $25.91 an ounce. Platinum lost 1% to $1216.02.