Gold spirals lower as hawkish Fed boosts U.S. dollar
Gold products are pictured on display at Korea Gold Exchange in Seoul, South Korea, August 6, 2020. REUTERS/Kim Hong-Ji
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- Gold down more than 3% from Tuesday’s 10-week high
- U.S. economic growth in 2021 strongest since 1984
- Dollar index soars to highest level since July 2020
- Silver drops for 5th straight session, down more than 3%
Jan 27 (Reuters) – Gold prices slid over 1% to more than a two-week low on Thursday, as the dollar rallied after robust U.S. economic data strengthened the case for an interest rate hike by the Federal Reserve in March.
Spot gold was down 1.4% to $1,792.68 an ounce by 12:29 p.m. EST (1729 GMT), having hit a low of $1,790.20. U.S. gold futures dropped 2.1% to $1,792.
The drop in gold prices is a continuation of Wednesday’s selloff as markets further digested Fed Chair Jerome Powell’s comments on raising rates, said Philip Streible, chief market…
