Gold Falls 1% as Dollar Gains and Treasury Auction Pressures Market
Gold prices slid roughly 1% as the US dollar strengthened and a 10-year Treasury auction tested buyers ahead of Federal Reserve meeting minutes.
Gold prices fell by approximately 1% alongside a strengthening US dollar, financial website Kitco reported. The decline followed subdued trading earlier in the day ahead of the release of minutes from the US central bank, the Federal Reserve.
According to a report by FXEmpire, the slide in the precious metal's contracts was also driven by a 10-year US Treasury note auction, which tested buyer demand in the market. Further details have not yet been released.