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Gold falls to a one-week low as dollar firms and Fed worries grow
Spot gold fell 0.4% to $4,271.16 an ounce, while spot silver dropped 1.8% amid a stronger US dollar and higher Treasury yields.
Gold prices slid to a one-week low on Thursday, pressured by a firmer US dollar and expectations that the Federal Reserve could take a more hawkish stance on interest rates, Mining.com reported.
The outlet said rising oil prices and the move toward tighter monetary policy have weighed on bullion, since higher rates tend to reduce demand for non-yielding assets like gold. Spot gold was down 0.4% to $4,271.16 an ounce in New York, after hitting its lowest level since Sept. 16.
Mining.com also pointed to bond-market conditions, noting that US 10-year Treasury yields hovered near a two-decade high, lifting the opportunity cost of holding gold. Spot silver fell 1.8% to $63.29 per ounce, while platinum edged down 0.2% to $1,746.44 and palladium rose 0.5% to $1,266.40.
The article added that a stake sale to Elmet is expected to be completed in October, as part of Masan’s strategy to supply tungsten long-term.
Latest closeGold $4,292.50 ▼0.6%|Silver $63.77 ▼0.9%|Platinum $1,736.60 ▼0.5%