Gold drops as US interest rate hike looms
Gold prices slightly declined today, Thursday, due to expectations from the Federal Reserve (the U.S. Federal Reserve) of raising interest rates again, which impacts the non-yielding precious metal. The spot gold price decreased by 0.3% to $4,274.79 per ounce, while U.S. futures contracts fell to $4,309.8. Analysts expect that continued rate hikes or signals of such will increase pressure on gold, whose appeal diminishes compared to interest-bearing assets amid rising borrowing costs and the volatility associated with the risks of U.S. monetary policy and the economy.
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