KONTAN.CO.ID - NEW YORK. Gold prices dropped to their lowest in eight weeks on Friday, pushed down by a stronger dollar and bond yields as the market braced for more interest rate hikes by the U.S. Federal Reserve in the coming months. U.S. inflation accelerated while the consumer spending rebounded sharply by 1.8% in January, compared to Reuters forecast of a 1.3% rebound, further reinforcing expectations that the Fed will remain hawkish. Spot gold fell 0.5% to $1,813.39 per ounce by 11:27 a.m. ET (1627 GMT), having touched its lowest since Dec. 30, 2022, at $1,808.7.
Gold Loses Ground as Further Rate Hike Bets Boost U.S. Dollar, Yields
KONTAN.CO.ID - NEW YORK. Gold prices dropped to their lowest in eight weeks on Friday, pushed down by a stronger dollar and bond yields as the market braced for more interest rate hikes by the U.S. Federal Reserve in the coming months. U.S. inflation accelerated while the consumer spending rebounded sharply by 1.8% in January, compared to Reuters forecast of a 1.3% rebound, further reinforcing expectations that the Fed will remain hawkish. Spot gold fell 0.5% to $1,813.39 per ounce by 11:27 a.m. ET (1627 GMT), having touched its lowest since Dec. 30, 2022, at $1,808.7.