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Gold Drops More than 2% on US Rate-Hike Bets
Rising oil prices and higher Treasury yields lifted bets on another Federal Reserve hike, while spot gold and futures both fell more than 1%.
- On Sept 28, Gold lost 4% to hit a seven-week low as rising Oil prices, a stronger dollar, and climbing Treasury yields created headwinds for the metal.
- President Donald Trump rejected a peace deal from Iran regarding the Strait of Hormuz, causing Oil to rise about 3% and stoking inflation concerns that force The Fed toward higher-for-longer rate policies.
- Jim Wyckoff of the American Gold Exchange said rising Treasury and dollar strength are "creating a perfect storm to push the metals prices sharply lower," while traders see a 94% chance of a rate hike.
- Across the Markets, spot silver fell 4.3 per cent, platinum declined 2.8 per cent, and palladium lost 3.1 per cent on Sept 28.
- Markets now turn focus to job openings, the ADP employment report, Personal Consumption Expenditures readings, and nonfarm payrolls, all due this week.
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<p>Gold fell to a seven-week low on the threat of a fresh rate hike in the U.S. Gold fell 4% to around $4125 an ounce. Investors expect new Fed rate hike amid record yields bonds.</p>
·Kyiv, Ukraine
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Precious metal has fallen by more than 10% since August, in parallel with the rise in oil and expectations of higher rates
·Madrid, Spain
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Coverage Details
Total News Sources93
Leaning Left6Leaning Right12Center8Last UpdatedBias Distribution46% Right
Bias Distribution
- 46% of the sources lean Right
46% Right
L 23%
C 31%
R 46%
Factuality
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