Gold Falls and Dollar Climbs Following Fed’s Official Remarks

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet nonferrous metals plant in the Siberian city of Krasnoyarsk, Russia, on March 10, 2022. Alexander Manzyuk/Reuters

Gold prices declined on April 22 trade as the U.S. dollar and Treasury yields climbed following comments from a Federal Reserve official that a sizable interest rate hike might be incoming.

Gold futures were trading at $1,944 an ounce as of 13:57 UTC (9:57 a.m. Eastern time) on April 22, down 0.4 percent from opening. Prices had earlier fallen to about $1,931 per ounce before recovering.