Gold prices fall amid rising dollar, US government bond yields

Gold prices fell to an almost two-week low on November 3, Report informs.

Spot gold fell 0.9% to $1,620.19 an ounce, while COMEX gold futures traded down 1.7% to $1,621.90 an ounce.

The US dollar and Treasury yields rose after Federal Reserve Chairman Jerome Powell said the central bank would continue to raise interest rates to curb inflation.

The Fed raised interest rates again on November 2 by 75 basis points. In addition, the statement of the Central Bank said that US monetary policy is approaching a turning point.

The dollar index jumped 1.5%, making gold more expensive for holders of other currencies. Yields on 10-year Treasury bonds also rose.

European Central Bank (ECB) President Christine Lagarde said on November 3 that the regulator cannot simply copy the actions of the Fed, since the situation in the eurozone countries is different.

Meanwhile, the Mint in Perth, Australia reported an increase in sales of gold coins and bars in October and a decline in sales of silver coins and bars.