Gold eases on outlook for US rate hikes

10 January 2018 | Business

Gold prices inched down yesterday amid expectations for more US interest rate hikes this year. Spot gold was down 0.2% at US$1 317.86 an ounce by 0655 GMT. Last week, prices touched their strongest since Sept. 15 at US$1 325.86. Atlanta Fed President Raphael Bostic, who is a voting member of the US central bank's policy board, said on Monday that two hikes might be needed in 2018, in light of weak price pressures. Gold is highly sensitive to rising US interest rates, as these increase the opportunity cost of holding non yielding bullion, while boosting the greenback, in which it is priced. Photo Nampa/Reuters

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