Gold Drops Over 1% on US Rate-Hike and Fed Tightening Bets
Gold prices fell more than 1% as market expectations of US interest rate hikes and Federal Reserve tightening weighed on the metal.
Gold prices fell by more than 1% amid growing expectations among investors of further interest rate hikes in the United States. This was reported by Reuters and news website Livemint.
According to the reports, rising bets on continued monetary policy tightening by the US Federal Reserve exerted direct downward pressure on the precious metal in global trading.
At this stage, exact figures regarding the price of an ounce of gold and further details on the extent of market fluctuations have not yet been released.