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Gold slides below $4,300 as US-Iran talks and Fed comments draw focus
Spot gold fell 1.6% to $4,290.54 an ounce, while the US dollar index hit its highest level since July.
Gold prices fell as traders weighed signals from US-Iran diplomatic talks and remarks from Federal Reserve officials, with investors tracking how energy costs could affect the interest rate path, LiveMint Markets reported.
Bullion dropped to trade below $4,300 an ounce, while a gauge of the US dollar rose to the highest level since July, a headwind for gold given it pays no interest and is priced in US currency.
Fed policymakers expressed concern about the inflation outlook after the central bank raised rates last week for the first time in three years, and Fed Governor Michael Barr said additional rate increases are likely needed to bring inflation back to the Fed’s 2% target.
The article also tied broader price action to a stronger dollar and higher US economic momentum, citing data showing US business activity rose at the fastest pace in more than five years; Spot gold was down 1.6% to $4,290.54 an ounce, silver fell 3.5% to $64.7231 an ounce, and platinum and palladium were also lower.
Latest closeGold $4,323.20 ▼1.2%|Silver $64.58 ▼2.0%|Platinum $1,750.50 ▼4.0%