The price of gold is close to the lowest level of the last two and a half years (Getty)
I withdrew gold pricesSo today, Wednesday pink dollar and returns Treasury bills The US economy reached its highest levels in recent years after harsh statements from Federal Reserve officials (the US central bank), which reinforced expectations of a sharp rise in interest rates.
And at 04.04 GMT, spot gold was down 0.3 percent to $ 1624.12 an ounce, close to a two-and-a-half-year low of $ 1620.20. which it touched earlier in the week.
US gold futures fell 0.3% to $ 1,631.60.
“There are expectations of higher interest rates … a strong US dollar and higher real interest rates … None of this bodes well for gold,” said Ilya Spivak, a currency strategist at DailyFX. .
The dollar index has risen to a new peak, the highest in 20 years, making gold quoted in the US currency more expensive for buyers of other currencies.
Ten-year US Treasury yields jumped 4% for the first time since 2010.
Charles Evans, chairman of the Federal Reserve in Chicago, James Bullard, his counterpart in St. Louis, and Neil Kashkari in Minneapolis reiterated the US central bank’s commitment to focus on fighting high inflation.
Evans said the Fed is expected to raise interest rates between 4.50% and 4.75%.
Gold is considered a hedge against inflation and economic uncertainty, but rising interest rates have reduced the attractiveness of the non-productive yellow metal and pushed the dollar to the highest levels in recent years.
As with other precious metals, silver fell in spot trades to its lowest level in three weeks and recorded a 1.4 percent drop to $ 18.17 an ounce in recent trades.
Platinum fell 0.7% to $ 842.52 after hitting its lowest level since September 5, and palladium fell 1.2% to $ 2,061.31.
(Reuters)
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