2023-08-17 02:08:00
© Archyde.com. Gold bars in a photo from the Archyde.com archive.
(Archyde.com) – It touched a five-month low on Thursday as yields gained momentum following recent strong economic data reinforced expectations that the Federal Reserve will continue to tighten monetary policy.
It reached $1,891.70 in the spot market by 0141 GMT, its lowest since March 15.
And US gold futures fell 0.3 percent to $ 1921.80 an ounce.
Minutes of the Federal Reserve’s July meeting showed “most” policymakers still prioritizing fighting inflation, while “some respondents” cited the economic risks of raising interest rates too high.
Benchmark 10-year U.S. Treasury yields hit their highest levels in 10 months, pushing the dollar to its highest levels since mid-June and keeping investors away from non-yielding gold.
As for other precious metals, it rose in the spot market 0.2 percent to $ 22.42 an ounce, while platinum settled at $ 882.50, following touching its lowest level since October. It fell 0.3 percent to $1,205.70.
(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin)
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