KONTAN.CO.ID - JAKARTA. Gold and other precious metals dropped on Thursday, with palladium shedding more than 8%, as investors flocked to the dollar driven by bets the U.S. Federal Reserve will stick to aggressive rate hikes. Spot gold fell 0.7% to $1,839.01 per ounce by 10:29 a.m. EDT (1429 GMT). U.S. gold futures were down 0.7% at $1,841.60. "Dollar is rallying as things potentially look negative in the U.S., which is hurting gold. Also, the market is realising the likelihood of seeing pretty aggressive interest rate increases," said Bart Melek, head of commodity strategies at TD Securities.
Gold Drives Retreat Across Metals as Dollar Accelerates
KONTAN.CO.ID - JAKARTA. Gold and other precious metals dropped on Thursday, with palladium shedding more than 8%, as investors flocked to the dollar driven by bets the U.S. Federal Reserve will stick to aggressive rate hikes. Spot gold fell 0.7% to $1,839.01 per ounce by 10:29 a.m. EDT (1429 GMT). U.S. gold futures were down 0.7% at $1,841.60. "Dollar is rallying as things potentially look negative in the U.S., which is hurting gold. Also, the market is realising the likelihood of seeing pretty aggressive interest rate increases," said Bart Melek, head of commodity strategies at TD Securities.