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Gold is falling as Fed confirms interest rate hike path

gold In spot transactions, it was up 0.9% to $1,791.23 an ounce by 0550 GMT, down further from its more than five-month high on Tuesday. U.S. gold futures fell 0.9% to $1,802.10.
Powell said Wednesday that central american He will adopt further interest rate hikes next year, even as the US economy slips into a possible recession, and he justified it on the grounds that the economy will have to bear a higher price if the central bank does not curb inflation forcefully.

Christopher Wong, an analyst at VOCBCFX, said that the central bank’s move to tighten monetary policy is putting pressure on the metal and that expectations of gold prices It depends on how much tightening central banks, especially the US central bank, intend to do from now on.

Gold is known as an inflation hedge, but high interest rates tend to weaken its attractiveness because it increases the opportunity cost of holding non-returnable metal.
The dollar index rose 0.1%. A rising dollar makes gold more expensive for foreign buyers.
In other precious metals, silver fell 2.7% to $23.24 an ounce, platinum fell 1.1% to $1017.25, while palladium fell 0 .7% to $1903.18.

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And it fell gold In spot transactions, it was up 0.9% to $1,791.23 an ounce by 0550 GMT, down further from its more than five-month high on Tuesday. U.S. gold futures fell 0.9% to $1,802.10.

Powell said Wednesday that central american He will adopt further interest rate hikes next year, even as the US economy slips into a possible recession, and he justified it on the grounds that the economy will have to bear a higher price if the central bank does not curb inflation forcefully.

Christopher Wong, an analyst at VOCBCFX, said that the central bank’s move to tighten monetary policy is putting pressure on the metal and that expectations of gold prices It depends on how much tightening central banks, especially the US central bank, intend to do from now on.

Gold is known as an inflation hedge, but high interest rates tend to weaken its attractiveness because it increases the opportunity cost of holding non-returnable metal.

The dollar index rose 0.1%. A rising dollar makes gold more expensive for foreign buyers.

In other precious metals, silver fell 2.7% to $23.24 an ounce, platinum fell 1.1% to $1017.25, while palladium fell 0 .7% to $1903.18.

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