Gold fell, with the dollar rising after hawkish comments from U.S. Federal Reserve officials that raised doubts about interest rate cuts this year.
Spot gold fell 0.4% to $1,981.29 an ounce, after touching its lowest since April 27. U.S. gold futures fell 0.4% to $1,984.90. In contrast, the dollar index hit a seven-week high, eroding the appeal of the bars that rival the currency as a safe haven.
Underscoring the Fed's determination to rein in inflation, Chicago Federal Reserve President Austin Golsby stressed that it was too early to talk about interest rate cuts. Loretta Mester, president of the Federal Reserve Bank of Cleveland, explained that prices have not yet reached a point where they can remain flat.
Source (Alkhaleej Emirati Newspaper, Edited)
