Internationally Gold Falls Below $1,800 Per Ounce

gold prices

Gold: extended losses to below $1,800 an ounce on Monday, the lowest in 15 weeks as a rallying dollar continued to sap demand for greenback-priced bullion.

The dollar firmed close to a 20-year high hit last week as a strong US inflation print reinforced bets for aggressive Federal Reserve rate hikes, with a weakening global economic outlook also driving safe-haven demand for the greenback.

The headline CPI in the US held close to a 40-year high at 8.3% in April, while the core CPI also came in above expectations at 6.2%, stoking worries that elevated prices may persist.

The US central bank raised its benchmark overnight rate by 50 basis points in the first week of May and markets are pricing in equivalent hikes at each of the next two Fed meetings in June and July.

About Haroon Khawaja

Haroon Khawaja Is a Journalist & CEO Of B-Trams , Ex Reporter At Geo News

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