On Wednesday, gold prices hit a new low, the lowest in 30 months, as the allure of the precious metal was undermined amid the rise in the dollar and US Treasury yields due to expectations of a sharper rate hike by the Federal Reserve.<\/p>\n\n\n\n
By 0854 GMT, spot gold fell 0.1 percent to $ 1626.79 an ounce, after recording its lowest level since April 2020 at $ 1613.60 earlier in the session.<\/p>\n\n\n\n
US gold futures fell 0.1 percent to $1,653.10.<\/p>\n\n\n\n
The dollar, a safe haven competitor to gold, recorded a new high in two decades, damaging the demand for dollar-denominated gold from buyers dealing in other currencies. High global interest rates fueled recession fears in financial markets.<\/p>\n\n\n\n
Gold has not been able to benefit from the recent stock collapse, as high-interest rates have increased the opportunity cost of holding the non-returning precious metal.<\/p>\n\n\n\n
Gold was also hit by the 10-year US Treasury yields rising to their highest level since October 2008.<\/p>\n\n\n\n
As for other precious metals, silver fell 1.2 percent to $ 18.21 an ounce, after falling to a three-week low of $ 17.94 earlier in the session.<\/p>\n\n\n\n
Platinum fell 0.9 percent to $ 840.03, after hitting its lowest level since Sept. 5.<\/p>\n\n\n\n
Palladium fell 0.7 percent to $2,073.03.<\/p>\n","protected":false},"excerpt":{"rendered":"
On Wednesday, gold prices hit a new low, the lowest in 30 months, as the allure of the precious metal was undermined amid the rise in the dollar and US Treasury yields due to expectations of a sharper rate hike by the Federal Reserve. By 0854 GMT, spot gold fell 0.1 percent to $ 1626.79 …<\/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-73080","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\/73080","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=73080"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73080\/revisions"}],"predecessor-version":[{"id":73081,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73080\/revisions\/73081"}],"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=73080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=73080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=73080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}