Gold hits near one-year low on dollar strength, imminent rate hikes - Business News| Latest News & Reviews On Financial Markets | Themarkettrendz

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Wednesday, 20 July 2022

Gold hits near one-year low on dollar strength, imminent rate hikes

Although gold is seen as a hedge against inflation, rising interest rates increase the opportunity cost of holding bullion, which pays no interest. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.3% to 1,005.87 tonnes on Wednesday from 1,009.06 tonnes on Tuesday.

from Commodities-Markets-Economic Times
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