Gold price heads for weekly drop as Fed officials reiterate rate hikes. gold markets
The resurgence in the dollar has weighed heavily on the precious metal, which was already seeing profit taking after recently reaching $1,800 an ounce, according to Craig Erlam, a senior market analyst at Oanda Corp. “It may just be more difficult if the dollar continues to drive higher and yields don’t ease further,” Erlam said in a note.
Spot gold fell 0.5% to $1,750.34 an ounce by 11:51 a.m. in New York after earlier dropping as much as 0.7% to the lowest intraday since July 28. The Bloomberg Dollar Spot Index jumped 0.5%. Spot silver, platinum and palladium all declined.
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