Gold hits 2-month low on debt talks progress, rate hike bets
Gold prices fell to their lowest point in two months due to the rising optimism surrounding the US debt talks, reducing the safe-haven demand for gold, and the robust US economic data, which fueled bets on another rate hike by the period of Federal Reserve. Spot gold was down 0.4% at $1,949.69 per ounce, and US gold futures fell 0.7% to $1,950.20. Gold may remain unappealing as a non-yielding asset in today's high-interest rate environment.
Gold prices fell to their lowest point in two months due to the rising optimism surrounding the US debt talks, reducing the safe-haven demand for gold, and the robust US economic data, which fueled bets on another rate hike by the period of Federal Reserve. Spot gold was down 0.4% at $1,949.69 per ounce, and US gold futures fell 0.7% to $1,950.20. Gold may remain unappealing as a non-yielding asset in today's high-interest rate environment.
