Gold is sliding into fresh lows after being held back by the bears below $1,650 on corrections on Monday. The precious metal dropped to the lowest in more than two years while the US dollar extends its uptrend due to recession-linked fears and rising interest rates.
The US bond yields have also moved up and are reaching their highest in more than a decade. The ICE dollar index has touched 114.53, the highest since 2002 while the yields on the US 10-year note have rallied to their highest since 2008 at around 3.93%.
The surging dollar is a direct product of Fed\u2019s 75 basis point interest rate hike and the promise of further increases as the US central bank looks to combat inflation. This has been a weight for gold since it offers no interest to investors in the search for yield.
Wall Street fell deeper into a bear market at the start of this week with the S&P 500 and Dow closing lower as investors\u2019 worries accelerate about the Fed\u2019s hawkishness.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold is sliding into fresh lows after being held back by the bears below $1,650 on corrections on Monday. The precious metal dropped to the lowest in more than two years while the US dollar extends its uptrend due to recession-linked fears and rising interest rates. The US bond yields have also moved up and …<\/p>\n","protected":false},"author":13,"featured_media":71492,"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":[38,37,36],"tags":[6885,6874,8143],"class_list":["post-72913","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-gold","tag-interest-rate-hikes"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72913","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\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=72913"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72913\/revisions"}],"predecessor-version":[{"id":72920,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72913\/revisions\/72920"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/71492"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=72913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=72913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=72913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}