On the flip side, gold continued to find some support from robust physical demand.
Meanwhile, the US Dollar Index gained 0.3%, as prospects of higher-for-longer rates have sent investors scurrying to the safety of the US currency instead.
“As long as the narrative remains higher-for-longer, it’s going to continue pressuring precious metals,” said Ryan McKay, commodity strategist at TD Securities, adding the break below the $1,900 mark also triggered technical selling. “If the data continues to come in stronger, that will be another thing that continues to weigh on gold,” McKay added.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold price subdued by Fed’s higher-for-longer interest rate stanceOne analyst forecasts gold prices to trade between $1,910 and $1,950 for the rest of this quarter.
Read more »
Gold remains vulnerable near one-month low on bullish USD, Fed rate hike betsGold price (XAU/USD) shows some resilience below the $1,900 mark during the Asian session on Wednesday, albeit struggles to register any meaningful re
Read more »
Gold faces pressure from strong yields on Fed’s hawkish outlookGold price (XAU/USD) looks for a cushion after facing a sell-off as Federal Reserve (Fed) policymakers continue to favor further policy tightening due
Read more »
Gold Price Forecast: XAU/USD to trade near $2,000 by year-endGold price has held up relatively well amid rising bond yields and rebound in the USD. Economists at ANZ Bank analyze the yellow metal’s outlook. Head
Read more »
Gold Price Forecast: Positive real US yields reduce the attractiveness of XAU/USDIn view of positive real US yields, economists at Erste Group Research expect 'only' a sideways movement of the Gold price in the fourth quarter. Real
Read more »
Gold Price Forecast: XAU/USD may well make a renewed bid for the $1,900 markGold price remains under pressure after Fed meeting. Economists at Commerzbank analyze the yellow metal’s outlook. Upside potential for XAU/USD in the
Read more »