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Gold falls on calls for a Fed rate hike
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Economy News _ Baghdad
Gold prices fell on Wednesday, as calls from US Federal Reserve officials to raise interest rates further to combat inflation weighed on market sentiment.
Spot gold was little changed at $1,922.47 an ounce by 05:54 GMT. And US gold futures fell 0.02 percent to $ 1921.40.
The market is placing a 70% probability that the Federal Reserve will raise the federal funds rate by 50 basis points in May.
US 10-year Treasury yields have jumped to new highs since May 2019.
Gold is sensitive to interest rates and higher yields in the US, which increases the opportunity cost of holding non-yielding bullion.
In other metals, spot silver prices rose 0.3 percent to $24.83 an ounce, platinum fell 0.2 percent to $1020.88, and palladium increased 3.2 percent to $2565.02.
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