Gold falls as Fed indicates further rate hikes

Federal Reserve policymakers will continue to tighten monetary policy until price pressures are fully broken, hurting bullion

Bengaluru — Gold prices fell on Thursday, as the US dollar and treasury yields rebounded after comments by Federal Reserve officials pointed towards further interest rate hikes, despite signs of slowing inflation in the world’s largest economy.

“Following US inflation numbers, the dollar sold off very sharply and yields also dropped, but by the end of the day, the bond yields came back up and the dollar is slightly stronger now, which is hurting gold,” said Edward Meir, an analyst with ED&F Man Capital Markets. “Also, Fed officials said they still need to raise rates, which are bearish for gold. We could see a pullback in gold prices in the short-term towards $1,780.

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