The price of gold fell due to pressures of rising US Treasury bond yields and anticipation of a meeting of the Federal Reserve

Gold prices fell as rising US Treasury yields pressured gold demand, ahead of a key meeting of the Federal Reserve (the US Central Bank) later this week, when the central bank is expected to raise interest rates.

And gold fell in spot transactions 0.3 percent to $ 1890.69 an ounce at 00:53 GMT. And gold futures contracts in the United States fell one percent to 1893,4 dollars.

The Federal Reserve’s Federal Open Market Committee is expected to start its two-day meeting on interest rates on May 3 and announce its decision the next day.

It appears that Fed policy makers are ready to announce a series of aggressive rate hikes until at least the summer to counteract rapid inflation and rising labor costs.

The yields of the benchmark US 10-year Treasury bonds rose on Monday, which put pressure on gold demand.

Gold prices rose one percent on Friday following the US dollar fell, but ended the month of April slightly lower due to bets on the US central bank’s tightening of its policy.

As for other precious metals, silver fell in spot transactions by 0.4 percent to $22.66 an ounce, platinum fell 0.2 percent to $929.51 and palladium fell 1.7 percent to $2281.99.