Gold prices declined on April 22 trade as the U.S. dollar and Treasury yields climbed following comments from a Federal Reserve official that a sizable interest rate hike might be incoming.
Gold futures were trading at $1,944 an ounce as of 13:57 UTC (9:57 a.m. Eastern time) on April 22, down 0.4 percent from opening. Prices had earlier fallen to about $1,931 per ounce before recovering.
“We are dealing with the global economy where interest rate hike expectations continue to move up. As a result, yields are moving higher and the dollar is trading stronger, all potential strong challenges to gold at this point,” said Saxo Bank analyst Ole Hansen in a Reuters report.
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