Gold prices fell today Tuesday to their lowest level since mid-February as the strong dollar and the impending rise in US interest rates limited the precious metal’s appeal as a hedge against inflation.
At 08:16 GMT, spot gold was down 0.5% to $ 1,854.21 an ounce, the lowest since February 16. US gold futures fell 0.5% to $ 1,854.40 per ounce.
The dollar remained at a 20-year high, making gold, in which it is priced, less attractive to overseas buyers, while US 10-year bond yields hit 3% for the first time since December 2018. .
The Federal Reserve’s (US central bank) Open Market Committee is expected to begin its meeting to discuss the interest rate later on Tuesday and announce its decision tomorrow, Wednesday.
For other precious metals, the price of silver in spot transactions fell 0.3% to $ 22.57 an ounce. Platinum was up 0.3% to $ 938.34 an ounce, while Palladium was up 0.9% to $ 2,236.43 an ounce.
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