Commodities
Gold Prices Plummet on Stronger Dollar and Rising Oil Costs
Gold prices hit their lowest level in a week on Thursday, weighed down by a stronger US dollar and rising oil costs.
The yellow metal dropped 0.4% to $4,271.16 an ounce in New York morning trading, its weakest point since September 16th.
This decline is largely attributed to the Federal Reserve's plan to lift interest rates, which makes interest-bearing assets more attractive and works against gold, a non-yielding asset.
The US dollar also rose to a two-month peak, while US 10-year Treasury yields lingered near a two-decade high, further increasing the opportunity cost of owning gold.