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Gold drops after 4% rise amid US rate outlook
Gold prices retreated after rising more than 4%, with the spot price falling 0.6% to around $4,496 per ounce, after reaching a high of $4,526, the highest level since June 2nd. The decline coincided with the U.S. Treasury Department announcing the doubling of bond repurchase operations to support liquidity, which led to a decrease in Treasury yields and a drop in the dollar closer to its three-month lows. The increase in U.S. debt, now exceeding $40 trillion, has heightened concerns about financial stability, while Federal Reserve expectations of a possible interest rate hike in September impact gold's appeal. As for other precious metals, silver rose while platinum and palladium declined; the market remains attentive to political and economic developments, especially the trajectory of U.S. interest rates and their influence on the market.
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