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Gold prices fall as the dollar rises
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Economy News _ Baghdad
Gold prices fell on Wednesday, as hawkish comments from US Federal Reserve officials boosted dollar and Treasury yields to multi-year highs, reducing demand for bullion as a safe haven.
Spot gold fell at $1,920.59 an ounce, as of 05:20 GMT, and US gold futures fell 0.1 percent to $1,923.40.
The dollar index, which measures the value of the greenback against a basket of six competing currencies, rose to 99.526, the highest level since late May 2020.
A strong dollar makes gold less attractive to other currency holders.
US Treasury yields are at multi-year highs, with long-term yields moving more quickly and partially reversing some of the recent inversions in the US curve.
Gold is very sensitive to rising US interest rates and higher yields, which increases the opportunity cost of holding non-yielding bullion, while strengthening the dollar.
As for other metals, the price of spot silver settled at $24.32 an ounce, platinum fell 0.3% to $965.11, and palladium fell 0.1% to $2235.92.
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