Gold prices hit two-month low as dollar strengthens
Gold prices fell to their lowest in two months on Wednesday, pressured by a stronger US dollar and higher Treasury yields ahead of Fed policy signals.
Key Takeaways
AIGold prices dropped to a two-month low on Wednesday, weighed down by a stronger US dollar and rising Treasury yields, as investors awaited signals on the US Federal Reserve's monetary policy direction.
Spot gold fell 1.6% to $4,096.13 per ounce, while US gold futures for December delivery declined 1.6% to $4,121.70 per ounce.
Broad decline in precious metals
Silver also lost ground, falling 2.9% in spot trading to $59.89 per ounce. Platinum dropped 4.8% to $1,620.38 per ounce, and palladium slipped 4.2% to $1,122.75 per ounce.
The declines come as markets closely watch upcoming US monetary policy decisions and their impact on precious metal prices.