Gold prices fall more than 2% to an almost three-month low; oil sinks

Gold prices fall more than 2% to an almost three-month low;  oil sinks

“There is pressure on gold market with the stronger dollar and yields amidst fears that the Fed might be more hawkish,”said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

Gold costs fell more than 2% to an almost three-month low on Monday as expanded prospects of quicker rate climbs by the Federal Reserve lifted US Treasury yields and the dollar. Spot gold fell 1.7 percent to $1,863.31 per ounce by 8:13 pm IST, prior hitting its most minimal since Feb. 16 at $1,854.36. US gold fates dropped 2.6 percent to $1,862.70. Oil likewise declined as China’s actions to check Covid-19 threatened a further hit to fuel interest. West Texas Intermediate futures exchange close $101 on Monday. Brent Crude tarded close $105 a barrel.

 

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