Gold prices fell more than 2% today, Monday, as the US dollar jumped after the re-nomination of Federal Reserve Chairman Jerome Powell for a second term,<\/p>\n\n\n\n
This fueled expectations that the US central bank would continue the Fed policy.<\/p>\n\n\n\n
Gold in spot transactions was down 2.08% at $ 1806.20 an ounce, after hitting its lowest level since November 5 at $ 1804.30.<\/p>\n\n\n\n
And US gold contracts fell 2.37% to $ 1807.70 an ounce.<\/p>\n\n\n\n
News of Powell’s nomination for a second term and the nomination of Lyle Renard as Vice Chairman of the Federal Reserve pushed the US dollar to the highest level since July 2020. It also sparked a jump in US Treasury yields.<\/p>\n\n\n\n
A rise in the dollar would make gold more expensive for holders of other currencies, while higher interest rates would reduce the attractiveness of the non-yielding precious metal.<\/p>\n\n\n\n
Financial markets are now expecting that the US central bank will raise its key interest rate by 25 basis points by June, not July as previously indicated.<\/p>\n\n\n\n
Among other precious metals, spot silver fell 1.5 percent to $24.21 an ounce, while platinum fell 1.77% to $1013.33, and palladium fell 5.45% to $149.29.<\/p>\n\n\n\n
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Gold prices fell more than 2% today, Monday, as the US dollar jumped after the re-nomination of Federal Reserve Chairman Jerome Powell for a second term, This fueled expectations that the US central bank would continue the Fed policy. Gold in spot transactions was down 2.08% at $ 1806.20 an ounce, after hitting its lowest …<\/p>\n","protected":false},"author":9,"featured_media":54569,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,39,36],"tags":[6978,7603,6984,7995],"class_list":["post-55467","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-global-stock-markets","category-market-updates","tag-cpi","tag-gold-prices","tag-treasury-yields","tag-wall-streat"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/55467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=55467"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/55467\/revisions"}],"predecessor-version":[{"id":55468,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/55467\/revisions\/55468"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/54569"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=55467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=55467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=55467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}