Gold prices fell, today, Tuesday, to their lowest level since mid-February, as the strong dollar and the imminent rise in US interest rates limited the… The attraction of a precious metal As a hedge once morest inflation.
By 0816 GMT, spot gold fell 0.5% to $1,854.21 an ounce, its lowest since February 16. US gold futures fell 0.5% to $1,854.40 an ounce.
The dollar remained at a 20-year high, making gold, in which it is priced, less attractive to overseas buyers, while 10-year US bond yields hit 3% for the first time since December 2018.
It is expected that the Open Market Committee of the Federal Reserve (the US central bank) will start its meeting to discuss the interest rate later on Tuesday, and it will announce its decision tomorrow, Wednesday.
For other precious metals, the price of silver in spot transactions fell 0.3% to $22.57 an ounce. Platinum rose 0.3% to $938.34 an ounce, while palladium rose 0.9% to $2,236.43 an ounce.
