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Gold lost luster as dollar rebounds, rate hike fears loom

18 May 2022 9:16 pm
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Mumbai, 18 May (Commoditiescontrol): Gold prices eased on Wednesday as looming U.S. interest rate hike fears and a resurgent dollar dimmed the metal's shine.

Spot gold was down 0.1 percent at $1,812.94 per ounce, erasing small gains from earlier in the day that were potentially driven by growth risks tied to soaring inflation. U.S. gold futures fell 0.5 percent to $1,809.50.

Federal Reserve Chair Jerome Powell on Tuesday pledged that the U.S. central bank would ratchet up interest rates as high as needed to kill a surge in inflation.

Gold is considered a hedge against inflation. However, rising U.S. interest rates dull interest in bullion, which yields no interest.

Meanwhile, rival safe-haven dollar rebounded after posting its biggest single-day drop in more than two months, which further hit appetite for gold among overseas buyers.

Inflows into SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, continued to decline, reflecting a bearish sentiment in the market.

Spot silver fell 0.6 percent to $21.49 per ounce, while platinum was down 1.2 percent to $939.94 and palladium fell 0.1 percent to $2,050.64.

(By Commoditiescontrol Bureau: +91-22-40015505)

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