Gold Prices Fall 1 Percent on Hawkish Fed Remarks
Gold prices dropped over one percent following hawkish comments from a Federal Reserve official suggesting aggressive monetary policy may continue. The remarks lifted the US dollar and Treasury yields ahead of upcoming consumer price data.
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Gold fell 1.6% to $4,071.07 per ounce on Tuesday following hawkish remarks from a Federal Reserve official regarding monetary policy. The decline occurred ahead of upcoming consumer price data from the United States. Higher interest rates reduce the appeal of non-yielding bullion despite its traditional role as an inflation hedge.
