Gold set for third weekly fall on dollar strength, aggressive rate hikes

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Spot gold was down 0.2% at $1,804.26 per ounce, as of 0258 GMT, after hitting an over six-week low of $1,801.50 in the previous session.U.S.gold futures dipped 0.1% to$1,805.

Gold prices, coming off their worst quarter since early 2021, have lost about 1.2% this week.

The dollar was steady near recent two-decade peaks, continuing to make gold less attractive for buyers holding other currencies.Benchmark U.S.10-year Treasury yields hovered near their lowest level since June 7 hit on Thursday.

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Article Details

Author / Journalist: Reuters

Category: EconomyFinance

Topics: Support Yields Gold Content Spot Weekly Standard Fall Business Dollar Ounce

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-07-01, 11:22:00

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Reading Time: 4 minutes read

Article Length: 626 words

Coverage Area: India

Availability: Desktop Web, Mobile Web

News ID: 24481

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About Business Standard

Main Topics: EconomyFinance

Official Website: business-standard.com

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Year Established: 1975

Headquarters: India

News Last Updated: 2h ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

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Publisher ID: #49

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