Gold prices retreat
Friday, 22 September 2023
Gold extended its decline for the third straight session on Thursday, as dollar and treasury yields rallied after the Federal Reserve reinforced its higher-for-longer strategy on interest rate hikes, reports Reuters.
Spot gold shed 0.3 per cent to $1,923.26 per ounce by 10:37 a.m. EDT (1437 GMT). US gold futures eased 1.2 per cent to $1,943.70.
The Fed held interest rates steady on Wednesday, but its updated quarterly projections showed that rates may be lifted once more this year and kept tight through 2024.
The downward momentum in gold - due to the higher-for-longer and the soft landing narrative - has further triggered some liquidation of long positions, said Ryan McKay, commodity strategist at TD Securities.