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Gold falls amid rising bond yields
Gold prices declined today, Thursday, due to the rise in U.S. Treasury bond yields, which increased the opportunity cost of holding non-yielding gold. This comes amid investors' expectations of a 65% chance of interest rate hikes in September, down from 81% prior to the Federal Reserve's decision. The spot gold price fell by 0.4% to $4,048.39 per ounce, while August futures rose by 0.3%. Silver and platinum prices also decreased, whereas palladium experienced a slight uptick. This movement occurs as markets assess the Federal Reserve Chairman's messages regarding inflation control, following the central bank's decision to keep interest rates unchanged.
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