Commodity Alert: Gold Under Pressure Amid Hawkish Fed Rate Hike Outlook
The Fed announced it was holding rates steady, a move that was widely expected. Gold is highly sensitive to rising rates, which increase the opportunity cost of holding nonyielding bullion. The dollar index, which tracks the U.S. currency against six rivals, was a gloom higher at 89.05, remaining above last week’s low of 88.25, its weakest level since December 2014. Treasury yields pushed higher, with the benchmark 10-year note running up to the highest level in almost four years at around 2.75%.
Source: Investing.
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