© Reuters.
Investing.com– Gold prices fell to a more-than three-week low on Thursday, extending a rash of recent losses after several Federal Reserve officials warned against bets that the central bank was done raising interest rates.
The yellow metal was headed for a fourth straight day in red, amid continued pressure from a rebound in the dollar and Treasury yields. Waning safe haven demand for gold also dented prices, as markets priced in a much lower risk premium from the Israel-Hamas war.
fell 0.1% to $1,949.38 an ounce, while expiring in December fell 0.2% to $1,954.30 an ounce by 23:41 ET (04:41 GMT). Both instruments were trading down over 2% each this week.
Fed uncertainty persists, Powell speech awaited
A string of Fed officials warned this week that U.S. interest rates will remain higher for longer, and that markets should be wary of betting on any early rate cuts. Sticky inflation and resilience in the U.S. economy could also attract more rate hikes this year.
Their comments somewhat offset recent bets that the Fed’s rate hike cycle was over, and saw traders pivot back into rate-exposed assets such as the and Treasuries.
Adding to the…
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