Gold Holds Near 10-week Low on Robust Dollar, US Rate Hike Bets
Posted: Fri Apr 29, 2022 10:25 am
Gold prices hovered near their lowest level in two months on Thursday, as expectations of aggressive U.S. policy tightening boosted the dollar and added pressure on non-yielding bullion. Spot gold fell 0.1 percent to $1,885.06 per ounce by 1:04 p.m. GMT. It hit $1,871.81, its lowest since Feb. 17 earlier in the session. U.S. gold futures also eased 0.1 percent, to $1,886.00. “With the Fed seen hiking interest rate by 50 basis points and possibly 75 basis points in the next two meetings after the May 4 (meeting), the dollar is going to remain in demand… For that reason it’s very difficult to be bullish on gold at the moment,” said Fawad Razaqzada, market analyst at City Index. ...
Source: https://www.theepochtimes.com/gold-hold ... 33642.html
Source: https://www.theepochtimes.com/gold-hold ... 33642.html