Forex
Gold Slumps Amid Rising US Yields and Dollar
Gold prices fell on Friday in European trading, extending losses for a third consecutive day and hitting a one-week low. The metal is headed for a weekly decline as investors sell amid strong US Treasury yields and a rising US dollar.
The US Dollar Index rose 0.1% on Friday, reaching its highest level since August, while the yield on the 10-year US Treasury note traded near its 19-year high of 5.225%. A stronger US dollar makes gold less attractive to buyers holding other currencies.
Minneapolis Federal Reserve President Neel Kashkari said inflation remains far too high and that inflationary pressures have broadened beyond the oil price shock caused by the war in Iran.