December 8, 2022

Dubai Week

Complete Dubai News World

Gold prices fell on the back of rising US Treasury bonds and pressure from the Federal Reserve.

Gold prices fell on the back of rising US Treasury bonds and pressure from the Federal Reserve.

© Reuters. Gold nuggets in Munich with photo from Reuters archive.

(Reuters) – Gold prices fell on Monday as the US Federal Reserve raised interest rates this weekend ahead of a key meeting of the US Federal Reserve, pushing for higher-yield gold demand.

Also at 0053 GMT an ounce (an ounce) fell 0.3 percent to $ 1890.69. And one percent in the United States was $ 1893.40.

The Federal Reserve’s Federal Open Market Committee is expected to convene a two – day meeting on interest rates on May 3 and announce its decision the next day.

Central bank policymakers appear poised to announce a series of sharp tariff hikes, at least until the summer, in the face of rapid inflation and rising labor costs.

10-year U.S. Treasury revenues rose on Monday, putting pressure on demand for gold.

Gold prices rose one percent on Friday after a slump in the United States, but fell slightly in April on speculation of a tightening of US Federal Reserve policy.

Among other precious metals, spot trades fell 0.4 percent to $ 22.66 an ounce, platinum 0.2 percent to $ 929.51 and $ 1.28 percent to $ 2281.99.

(Produced by Ahmed Sophie for the Arab Bulletin)

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