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Gold prices have hit a fresh eight-month low on the back of a stronger US dollar and expectations of a Federal Reserve rate hike, the Wall Street Journal reported.
Gold prices have hit a fresh eight-month low on the back of a stronger US dollar and expectations of a Federal Reserve rate hike, the Wall Street Journal reported.
As quoted in the publication:
Gold for August delivery, the most actively traded contract, was recently down 0.4% at $1,143.30 a troy ounce. Prices fell to $1,140.60 an ounce earlier in the session, the lowest level since Nov. 7.
Fed Chairwoman Janet Yellen told lawmakers on Wednesday that the central bank is on track to boost the federal-funds rate later this year for the first time since 2006. The prospect of higher rates hurt gold, which struggles to compete with yield-bearing investments when borrowing costs rise.
