A sharp drop in the price of gold after the US Federal Reserve’s statements about a continuous interest rate hike

The price of gold fell strongly, coinciding with the statements of the US Federal Reserve Chairman, Jerome Powell, in which he confirmed that the board will not stop raising interest rates until it sees a clear break in the inflation indicators.

Gold fell by 0.41% to trade at $1816 an ounce, while the US Treasury yields rose by 3.08% to record 2.968, the highest point today.
Gold rose in Tuesday morning trading in Asia, even as the dollar slowly resumed an upward trend and US Treasury yields resumed their rally.

Gold succeeded in rising more than 0.38% to trade at $ 1830.95 an ounce in spot contracts, while gold futures rose by 0.88% to trade near $ 1830 an ounce, taking advantage of the 0.76% drop in the US dollar to fall to the lowest levels of 103.5 against a basket of foreign currencies.