Gold falls as US dollar, yields rise on hawkish Fed comments

​​​​Traders now see a chance of about 44% that the Fed will hike rates by another 75 basis points at its next meeting in September. Although gold is considered a hedge against inflation, rising U.S. interest rates reduce the appeal of non-yielding bullion. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.3% to 1,002.97 tonnes on Tuesday from 1,005.87 tonnes on Monday

from Commodities-Markets-Economic Times
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