Gold prices fell on Thursday, weighed down by expectations of a sharp rise in interest rates, after Federal Reserve Chairman Jerome Powell reiterated the bank’s commitment to fighting inflation.
And gold was down 0.2% on spot transactions to $1,832.91 an ounce at 0239 GMT. US gold futures also slipped 0.2 percent to $1,834.30.
Higher interest rates and bond yields increase the opportunity cost of holding the yellow metal without yield.
The dollar stabilized at high levels after some losses in the previous session, which reduced the demand for gold quoted in US currency among buyers of other currencies.
As for other precious metals, silver was down 0.5% on spot transactions to $21.28 an ounce and platinum was down 0.3% to $923.62, while palladium was at $923.62. 1,864.18.