Gold Drops More than 2% on US Rate-Hike Bets
Traders raised bets on another Federal Reserve hike as a firmer dollar and higher Treasury yields pushed bullion to multi-week lows.
- Gold prices fell more than 2% as rising oil prices and inflation concerns increased expectations for another U.S. Federal Reserve rate hike.
- Spot gold declined 3.01% to $4,156.44 per ounce, while silver fell 4.6% to $61.34.
- Oil prices rose after U.S. President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz and resume nuclear talks.
- Traders priced in a 68% chance of another U.S. rate hike in October, Reuters reported, citing CME’s FedWatch Tool.
258 Articles
258 Articles
Gold Trades Near Seven-Week Low as Rate-Hike Pressure Mounts
Gold edged higher after touching a more than seven-week low on Monday as a selloff of US Treasuries stabilized, even as expectations remained high the Federal Reserve will keep tightening policy to rein in inflation.
While the price of gold broke record after record at the beginning of the year, the price of the precious metal is now well below record levels. Earlier this year, gold peaked at around $5,400 per troy ounce; now, only $4,140 remains. For a long time, the precious metal gleamed as a safe haven, but investors are abandoning gold en masse for government bonds. The culprit? Sharply rising capital market interest rates and increasing panic in the bo…
Precious metal has fallen by more than 10% since August, in parallel with the rise in oil and expectations of higher rates
Gold declines Rs 2,600 to Rs 1.5 lakh/10g; silver tumbles Rs 5,000 to Rs 2.32 lakh a kg
New Delhi, Sep 28 (PTI) Gold prices tumbled Rs 2,600 to Rs 1.5 lakh per 10 grams in the national capital on Monday, tracking a sharp selloff in global markets amid rising crude oil rates and a firm US dollar. The yellow metal of 99.9 per cent purity had closed at Rs 1,52,600 per 10 […]
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