Gold Prices at 2-Week Low on Surging Treasury Yields and Fed...

Gold prices closed at a two-week low as benchmark Treasury yields surged to nearly 4% following the Federal Reserve's decision to raise rates to their highest level in 22 years and expressing optimism about avoiding a U.S. recession.

On Comex, gold futures for August delivery settled at $1,945.70 per ounce, marking a 1.2% decline and a loss of $24.40. This settlement was the lowest for the most-active contract since July 11, according to Dow Jones Market Data.

The increase in the 10-year Treasury yield to 3.98% on Thursday, coupled with a stronger U.S. dollar against other currencies, exerted pressure on the precious metal.

Louis Navellier, the chief investment officer and founder of Navellier & Associates, noted that interest rates rose across the curve due to postponed expectations of a Fed rate cut, leading to a strengthening U.S. dollar and a decline in gold prices, as mentioned in a client note on Thursday.

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