From mint · A Ksheerasagar · · 1m
Gold Prices Drop 2% to 2-Month Low
Gold prices fell 2.3% to $4,066 per ounce, a two-month low, as Treasury yields and US dollar climbed.
In brief
Gold prices fell 2.3% to $4,066 per ounce, a two-month low, as Treasury yields and US dollar climbed. Gold prices dropped 2.3% to a two-month low of $4,066 per ounce due to rising Treasury yields and a stronger US dollar. Originally reported by mint.
Gold Prices Drop 2.3%
Gold prices fell 2.3% to $4,066 per ounce, marking a two-month low.
Treasury Yields Rise
10-year US Treasury yields reached 5.35%, their highest level since 2002.
US Dollar Strengthens
US dollar index climbed 0.5%, making gold more expensive for non-US currency holders.
Fed Policy Outlook
Markets expect the Fed to keep rates on hold but price an 84% chance of a December rate hike.
Inflation Concerns
Persistent inflation and government spending concerns drive demand for higher bond yields.
What Happens Next
Investors await FOMC minutes for insights on Fed policy amid inflation concerns.
The bottom line
Gold prices dropped 2.3% to a two-month low of $4,066 per ounce due to rising Treasury yields and a stronger US dollar.
