Gold hits more than three-week low on stronger dollar and rates forecasts

Gold prices hit their lowest in more than three weeks on Monday, weighed down by a stronger dollar and expectations of more rate hikes from the US Federal Reserve to tame surging inflation.

“The upward resumption in the US dollar will of course be weighing on the gold market, but it seems to be more aligned with the simultaneous sell-off seen across bonds, stocks and currencies,” said Clifford Bennett, chief economist at ACY Securities. “Wherever there had been a period of false hopes such as the Federal Reserve slowing, those expectations appear to be immediately evaporating.”

Benchmark 10-year Treasury yields rose to their highest in a month, increasing the opportunity cost of holding non-yielding gold. Focus this week will be on comments by Fed chair Jerome Powell when he addresses the annual global central banking conference in Jackson Hole, Wyoming, on Friday.

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