Gold touches five-month lows as US$ and Treasury bonds gain momentum

Gold prices touched five-month lows on Thursday, as the U.S. dollar and Treasury yields gained momentum after recent upbeat economic data added weight to expectations the Federal Reserve would carry on with its policy tightening.

Spot gold was subdued at $1,891.70 per ounce dropping to its weakest level since March 15. U.S. gold futures shed 0.3% to $1,921.80.

Minutes from the Fed’s July meeting showed “most” policymakers continued to prioritize the battle against inflation, while “some participants” cited risks to the economy of pushing rates too far.

Source REUTERS

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