Prices of gold, and other precious metals, fell on Wednesday due to stronger U.S. yields and national currency. The decline comes on the backdrop of expectations of new interest rate increases next month amid persistent inflation in the United States and elsewhere.
Gold and Silver Slip as Investors Bet on Another Rate Hike in May
Gold prices dropped more than 1% on April 19 on higher U.S. yields and a more expensive dollar, with a number of investors now convinced that the United States Federal Reserve is likely to postpone a pause in interest increases.
Spot gold was down 1.7% at $1,970.31 per ounce by 12:00 GMT, while U.S. gold futures were down 1.9% to $1,982.20, Reuters reported. Gold was trading below its 21-day moving average of around $1,990. At the same time, silver dropped 1.9% to $24.73 per ounce while platinum was down 1.5% to $1,066.42.
The decrease in the prices of precious metals was preceded by the rising of benchmark U.S. Treasury yields to an almost one-month high, wh
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