Gold Holds Near 10-week Low on Robust Dollar, US Rate Hike Bets

An ingot of 99.99 percent pure gold is cast at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia, on March 10, 2022. Alexander Manzyuk/Reuters

Gold prices hovered near their lowest level in two months on Thursday, as expectations of aggressive U.S. policy tightening boosted the dollar and added pressure on non-yielding bullion.

Spot gold fell 0.1 percent to $1,885.06 per ounce by 1:04 p.m. GMT. It hit $1,871.81, its lowest since Feb. 17 earlier in the session. U.S. gold futures also eased 0.1 percent, to $1,886.00.