Commodities
Gold Prices Sink as Central Banks Signal Higher Interest Rates
Gold prices declined on Wednesday as investors weighed the prospect of major central banks keeping interest rates elevated for longer in their efforts to curb inflation.
The spot price of gold fell 0.6% to $4,329.31 per ounce at 0623 GMT, while US gold futures for December delivery were down 0.2% at $4,366.90.
A firmer dollar made greenback-priced bullion more expensive for overseas buyers.
Kyle Rodda, senior financial market analyst at Capital.com, noted that short-term volatility in gold depends on how oil trades and developments in the Middle East.