Silver fell 0.3% to $22.81 per ounce, platinum shed 1.4% at $912.20 after falling to an eight-month low, and palladium plunged 3.7% to $1,248.06, its lowest in 4-1/2 years. High interest rates discourage traders from investing in non-yielding gold. economic data and result in a change of tone by the Fed," Staunovo added. "We still expect at some point the aggressive monetary policy tightening to weaken U.S. single-family homes surged to the highest in nearly 1-1/2 years in May, while U.S. economic data remains a headwind for the yellow metal, as it likely keeps Fed officials reiterating a hawkish tone," UBS analyst Giovanni Staunovo said. A drop in benchmark 10-year Treasury yields limited further downside. The dollar index firmed 0.4%, making gold less attractive for overseas buyers. Markets were pricing in a 82% chance of a rate hike at the Fed's next meeting in July, seeing little odds of any easing in monetary policy by the end of this year, according to the CME FedWatch tool. "Although the market is pricing in a decent chance the Fed is going to hike in July, the more relevant factor for gold is that the market has been simultaneously pricing out the number of cuts we could expect over the next year," said Daniel Ghali, commodity strategist at TD Securities. Powell reiterated that more rate rises likely lie ahead for the central bank, and did not rule out a boost in the cost of borrowing at a policy meeting scheduled for the end of July. While theres still no word on when exactly the Fortnite app will be available again for iOS players, Epic Games partnered with Nvidia to create a streaming version of the game that could be played through its GeForce Now service. gold futures settled 0.1% lower at $1,922.20. Fortnite is technically available again on iOS through GeForce Now. EDT (1743 GMT), after hitting its lowest since mid-March.
Federal Reserve Chair Jerome Powell reiterated a hawkish stance.
Gold prices on Wednesday fell to their lowest in nearly 4 months on bets for interest rates remaining higher for longer, while U.S.
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