Gold prices fell on Wednesday as the dollar and US Treasury yields rose to multi-year highs after hawkish comments from Federal Reserve officials boosted expectations of a sharp interest rate hike.<\/p>\n\n\n\n
By 0404 GMT, spot gold fell 0.3 percent to $1,624.12 an ounce, close to the two-and-a-half year low of $1,620.20 it touched earlier in the week.<\/p>\n\n\n\n
US gold futures fell 0.3 percent to $1,631.60.<\/p>\n\n\n\n
\u201cThere are expectations for higher rate hikes\u2026a strong US dollar and higher real interest rates\u2026None of that bodes well for gold,\u201d said Ilya Spivak, a currency strategist at DailyFX.<\/p>\n\n\n\n
The dollar index rose to a new peak, the highest in 20 years, making gold priced in the US currency more expensive for buyers of other currencies.<\/p>\n\n\n\n
Ten-year US Treasury yields rose to 4 percent for the first time since 2010.<\/p>\n\n\n\n
Charles Evans, Federal Reserve Chairman in Chicago, James Bullard in St. Louis, and Neil Kashkari in Minneapolis reiterated the US central bank’s pledge to focus on tackling high inflation.<\/p>\n\n\n\n
Evans said the Fed would need to raise interest rates from 4.50 percent to 4.75 percent.<\/p>\n\n\n\n
Gold is considered a hedge against inflation and economic uncertainty, but raising interest rates has reduced the attractiveness of the non-yielding yellow metal and pushed the dollar to its highest levels in several years.<\/p>\n\n\n\n
As for other precious metals, silver fell in spot transactions to its lowest level in three weeks, and recorded in the latest trading, a decline of 1.4 percent to $ 18.17 an ounce.<\/p>\n\n\n\n
Platinum fell 0.7 percent to $842.52 after hitting its lowest level since Sept. 5.<\/p>\n\n\n\n
Palladium fell 1.2 percent to $2,061.31.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices fell on Wednesday as the dollar and US Treasury yields rose to multi-year highs after hawkish comments from Federal Reserve officials boosted expectations of a sharp interest rate hike. By 0404 GMT, spot gold fell 0.3 percent to $1,624.12 an ounce, close to the two-and-a-half year low of $1,620.20 it touched earlier in …<\/p>\n","protected":false},"author":9,"featured_media":72829,"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":[6874],"class_list":["post-73066","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gold"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73066","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=73066"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73066\/revisions"}],"predecessor-version":[{"id":73067,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73066\/revisions\/73067"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/72829"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=73066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=73066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=73066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}