Bets of Interest Rate Hikes Cause Gold To Fall

GOLD

Yesterday’s renomination of U.S. Federal Reserve Chair Jerome Powell fueled bets of faster interest rate hikes, bolstering the U.S. Dollar and Treasury yields again today. This continued to put pressure on Gold, breaking the key $1,800 per ounce support level. Gold reached a low of $1,782 before seeing short-covering and fresh buying. At 11am PT today, Gold is trading at $1,792 per ounce, down $16 on high trading volume.

SILVER

After reacting to Gold breaking $1,800 by dropping almost a full dollar, Silver reached a low of $23.25 per ounce before seeing major fresh buying. At 11am PT today, Silver is down $0.61 per ounce, trading at $23.63 on heavy volume.