Gold prices fell on Thursday, affected by expectations of a sharp increase in interest rates, after Jerome Powell, Chairman of the Federal Reserve (US Central Bank), reiterated the bank’s commitment to combating inflation.
And gold fell in spot transactions 0.2 percent to $ 1832.91 an ounce by 0239 GMT. US gold futures also fell 0.2 percent to $1,834.30.
Higher interest rates and bond yields increase the opportunity cost of holding the non-yielding yellow metal.
The dollar stabilized at high levels after incurring some losses in the previous session, which reduced the demand for gold priced in the US currency among buyers of other currency holders.
As for other precious metals, silver fell 0.5% in spot transactions to $21.28 an ounce, and platinum fell 0.3% to $923.62, while palladium settled at $1,864.18.
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