Gold Hits Lowest Level in 5 Months as Dollar and U.S. Bond Yields Rise

Gold prices touched their lowest levels in five months on Thursday as the dollar and U.S. Treasury yields gained momentum following strong economic data that bolstered expectations that the Federal Reserve will continue tightening its monetary policy. The spot gold price reached $1891.70 per ounce at 01:41 GMT, marking its lowest since March 15. U.S. gold futures fell 0.3% to $1921.80 per ounce. The minutes from the Federal Reserve's July meeting showed that "most" policymakers still prioritize combating inflation, while "some participants" noted the economic risks of raising interest rates too high. U.S. benchmark 10-year Treasury yields hit their highest levels in ten months, pushing the dollar to its highest since mid-June and driving investors away from non-yielding gold. For other precious metals, spot silver rose 0.2% to $22.42 per ounce, while platinum stabilized at $882.50 after touching its lowest since October. Palladium fell 0.3% to $1205.70.