Gold prices hit 2-week low

Gold prices hit a near two-week low on Thursday as the dollar and US Treasury yields rose after hawkish comments from Federal Reserve Chairman Jerome Powell faded sentiment. hopes around an easing of the monetary adjustment as of December.

spot gold fell 0.76% to $1,622.51 per ounce at 10:10 GMT, while US gold futures were down 1.48% at $1,625.5.

The US central bank raised interest rates by 75 basis points on Wednesday and signaled it may be nearing a tipping point.

Bullion rose as much as 1.3% after the release of the Fed’s monetary policy statement, before ending the session down 0.8% following Powell’s remarks.

Rising interest rates in the United States boost the dollar and increase the opportunity cost of holding gold, which does not pay interest.

The dollar climbed 1.2% against its rivals, making gold more expensive for holders of other currencies. Yields on 10-year US Treasury bonds also rose.

Attention now turns to Friday’s US non-farm payrolls data, which could provide further clues about labor market resilience and the Fed’s rate hike path.

Among other precious metals, spot silver fell 1.4% to $19.06 an ounce, platinum fell 1.3% to $917.62 and palladium fell 1.7% to $1,829.64.