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Gold prices fall to their lowest in 4 months

Gold prices on Wednesday fell to their lowest in nearly 4 months on bets for interest rates remaining higher for longer, while U.S. Federal Reserve Chair Jerome Powell reiterated a hawkish stance.

Spot gold fell 0.1% to $1,912.49 per ounce by 1:43 p.m. EDT (1743 GMT), after hitting its lowest since mid-March. U.S. gold futures settled 0.1% lower at $1,922.20.

Powell reiterated that more rate rises likely lie ahead for the central bank, and did not rule out a boost in the cost of borrowing at a policy meeting scheduled for the end of July.

"Although the market is pricing in a decent chance the Fed is going to hike in July, the more relevant factor for gold is that the market has been simultaneously pricing out the number of cuts we could expect over the next year," said Daniel Ghali, commodity strategist at TD Securities.

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