Gold drops amid dollar and yields pressure
Gold prices declined to around $4,275 per ounce, as the pressure from the dollar and U.S. Treasury yields continued, amid expectations of further interest rate hikes by the Federal Reserve. Last week’s rate increase and rising expectations of monetary tightening put pressure on gold, which does not generate yield, and pushed Treasury yields to their highest levels in over two decades. Additionally, the dollar's rise against other currencies, supported by higher bond yields, added further pressure on the precious metal. Despite the challenging economic environment, demand for gold remains strong, driven by concerns over inflation and energy prices.
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