Gold is at its lowest level in 5 months, with the rise of the dollar and US bond yields

Gold prices touched a five-month low on Thursday as the dollar and US Treasury yields gained momentum after recent strong economic data boosted expectations that the Federal Reserve will continue to tighten monetary policy.

The price of gold in the spot market was $ 1891.70 an ounce by 0141 GMT, its lowest level since March 15.

And US gold futures fell 0.3 percent to $ 1921.80 an ounce.

Minutes of the Federal Reserve’s July meeting showed “most” policymakers still prioritizing fighting inflation, while “some respondents” cited the economic risks of raising interest rates too high.

Benchmark 10-year U.S. Treasury yields hit their highest levels in 10 months, pushing the dollar to its highest levels since mid-June and keeping investors away from non-yielding gold.

As for other precious metals, silver rose in the spot market 0.2 percent to $ 22.42 an ounce, while platinum settled at $ 882.50, after touching its lowest level since October. Palladium fell 0.3% to $1,205.70.