Gold Price Slides on Strong Dollar as Fed Rate Hikes Loom

The price of gold has dropped to a one-week low due to a strong US dollar and expectations of more hawkish Federal Reserve rate moves.

The spot gold price fell 0.4% to $4,271.16 per ounce in New York, while December futures eased 0.3% to $4,306 amid the stronger dollar.

The dollar hit a two-month high and US 10-year Treasury yields hovered near a 20-year peak, making it more expensive to hold non-yielding bullion like gold.