Gold prices fall over 1% as Treasury yields rise
Gold prices fall more than 1% as the dollar and US Treasury yields rise on hawkish Fed comments.
Gold prices fell on Wednesday as the dollar and US Treasury yields rose following Federal Reserve officials’ hawkish comments.
Federal Reserve Governor Michael Barr said the US central bank took an important step last week to reset short-term borrowing costs, adding that further rate hikes may be needed more than once.
The dollar index, which measures the US currency against a basket of six major currencies, rose 0.5% to 101.08, while 10-year US Treasury yields climbed to their highest level since 2007.
|
Changes in Prices of Selected Precious Metals in Futures and Spot Markets |
|||
|
Metal |
Price ($/oz.) |
Change ($) |
Change (%) |
|
Gold (September) |
4,281.30 |
(57.60) |
(1.33%) |
|
Silver (September) |
64.382 |
(1.55) |
(2.35%) |
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