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Reuters reported that gold prices hit a one-month low Wednesday. The drop was fueled by renewed strength in the US Dollar, combined with continued expectations for a Federal Reserve interest rate increase.
Reuters reported that gold prices hit a one-month low Wednesday. The drop was fueled by renewed strength in the US Dollar, combined with continued expectations for a Federal Reserve interest rate increase.
As quoted in the publication:
In her first public comments since Fed policy makers met last week, Yellen pointed to a possible December “liftoff”.
New York Fed President William Dudley later told reporters that the December meeting is a “live possibility” for raising U.S. interest rates for the first time in a decade.
Spot gold fell as much as 1 percent to $1,106 an ounce, the lowest since Oct. 2, and was down 0.8 percent at $1,108.10 an ounce at 3:20 p.m. EST (2020 GMT).
U.S. gold futures for December delivery settled down 0.7 percent at $1,106.20 an ounce.
