Gold Drops More than 2% on US Rate-Hike Bets
- Spot gold fell 3.3% to $4,146.51 per ounce, reaching its lowest level in more than seven weeks.
- Rising oil prices, a stronger U.S. dollar, and higher Treasury yields increased inflation concerns and pressured gold prices.
- The Federal Reserve raised its benchmark interest rate by 25 basis points and indicated that another increase could come in the following months.
- Sherif Othman said higher Treasury yields make gold less attractive because it does not pay interest.
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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