Gold prices fall as the dollar and bond yields rise

Gold prices fell on Wednesday as the dollar and Treasury yields rose after upbeat economic data boosted expectations that the Federal Reserve will continue to raise interest rates sharply.

And gold fell in spot transactions 0.5% to $ 1692.99 an ounce (an ounce) by 0330 GMT, after falling earlier to its lowest level in a week.

US gold futures fell 0.6 percent to $1,703.30.

Strong US service sector data boosted the dollar, and the dollar index jumped to a 20-year high, making gold more expensive for overseas buyers.

US 10-year Treasury yields rose to their highest level since June 16 on expectations that the Federal Reserve will continue to raise interest rates. Higher returns increase the opportunity cost of holding non-returnable gold.

The Federal Reserve is expected to raise the interest rate by 75 basis points on September 21. The US central bank has raised the interest rate by a total of 225 basis points since March to curb soaring inflation.

As for other precious metals, silver fell in spot transactions 1.1 percent to $17.85 an ounce, platinum fell one percent to $844.43, and palladium fell one percent to $1985.25.