Gold prices declined on Tuesday after finishing in the red for the third straight week as traders brace for more interest-rate hikes by the Federal Reserve.
Gold prices declined on Tuesday as U.S. traders returned from a three-day weekend after the yellow metal finished in the red for the third straight week amid expectations for more interest-rate hikes by the Federal Reserve.
Price action Market drivers U.S. markets were closed Monday for the Presidents Day holiday. Shifting expectations about the Fed’s plans have caused gold to erase virtually all of the yellow metal’s year-to-date gains in recent weeks as the U.S. dollar and Treasury yields have moved higher. “While bulls may be encouraged by Friday’s rebound, others may take a little more convincing,” said Craig Erlam, senior market analyst at OANDA.
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