Saturday, May 18, 2024

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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Nadia Barnett
Nadia Barnett
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