Gold prices fell over 1% to $4,019 as strong US GDP data reinforced expectations for a Federal Reserve rate hike in December, cooling investor appetite for the precious metal.
Gold prices experienced a decline of over 1% following the release of robust US economic data, which strengthened the market's conviction that the Federal Reserve will implement a rate hike at its upcoming December 9 meeting. The asset retreated from a daily high of $4,069 to trade at $4,019 as higher interest rates typically diminish the appeal of non-yielding assets like gold.
Gold is currently trading at $4,019, down from a daily high of $4,069.
The next Federal Reserve meeting is scheduled for December 9.
Gold prices retreated over 1% on Thursday, dropping to $4,019 following robust US economic data. The latest figures bolster the case for a Federal Reserve interest rate hike at the upcoming December 9 meeting, pressuring non-yielding bullion.
Gold prices dropped as strong US GDP data increased expectations that the Federal Reserve will raise interest rates at its December 9 meeting.