Gold Down Over Interest Rates Hike Concern, Strengthening Dollar

By Investing Com7 days ago

© Reuters.

By Gina Lee

AD Gold was down on Wednesday morning in Asia as investors digested U.S. Treasury Secretary Janet Yellens comments about the possibility of interest rate hikes.

Gold futures were down 0.60% to $1,781.10 by 12:36 AM ET (4:36 AM GMT). The U.S. Dollar Index, which usually moves inversely to gold, was up on Wednesday.

Yellen on Tuesday said that interest rate hikes might be needed to stop the economy overheating due to U.S. President Joe Bidens spending plans. She clarified later in the day, however, that she saw no signs of inflation and was not predicting the U.S. Federal Reserves move on rates.

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