Gold prices fell during trading to their lowest level in about two and a half years, coinciding with a rise in the dollar and Treasury yields, drawing investors away from the precious metal. Federal Reserve Chairman Louis James Bullard and Minneapolis Federal Reserve Chairman Neil Kashkari, in comments published by Reuters, reaffirmed the US central bank’s pledge to focus on tackling high inflation by further raising interest rates.
Chicago Fed President Charles Evans also indicated that the central bank would need to raise interest rates to a range of 4.5% and 4.75% to curb rising inflation. And gold futures contracts for December delivery fell 0.46% to $1,627.30 an ounce at 11:29 am Beirut time, while the spot delivery price fell 0.59% to $1,620.04 an ounce.
Silver futures for December delivery fell 1.4% to $18.08 an ounce, platinum for immediate delivery fell 1.09% to $839.03 and palladium fell 1.7%. percent to $2,050.46. On the other hand, the dollar index, which measures the behavior of the US currency against a basket of six major currencies, rose 0.34% to 114.60 points.
Source: El Iktisad
