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25 May 2022

Gold Prices Drop as Dollar hike after Hitting its Lowest Level in a Month

The Index Today

On Wednesday as of 0636 GMT, Gold prices dropped as the dollar strengths, amid upcoming U.S. Federal Reserve's May policy meeting. Investors and traders keeping an eye for cues on the central bank's upcoming interest rate hikes.

Spot gold was down 0.5% at $1,857.39 per ounce, as of 0636 GMT, after rising to its highest since May 9 of $1,869.49 on Tuesday. U.S. gold futures also dropped 0.5% to $1,856.00.

The dollar index strengthened at +0.21% 102.067 +0.19 after hitting its lowest level in a month in the previous session.

Stephen Innes, managing partner at SPI Asset Management said, "Traders will be looking to the FOMC (Federal Open Market Committee) minutes for policy hints beyond June and July, as September rate hike expectations could be hugely pivotal for gold prices."

Clay pottery with table linens