Gold prices today.. Bonds steal the luster of “precious” globally

Gold prices tumbled globally today, Tuesday, September 20, 2022, amid anticipation of the speech of Jerome Powell, President of the US Federal Reserve, on the expected interest rates.

 Gold prices fell today, Tuesday, under pressure from the stability of the dollar and the rise in US bond yields, at a time when the Federal Reserve (the US central bank) is preparing to announce a significant increase in interest rates to curb inflation. And gold fell in spot transactions by 0.4% to $ 1669.80 an ounce (an ounce). , at 0839 GMT.

 US gold futures settled at $1,678.20.

 The price of gold rises with the fall of the dollar

 “Gold is under pressure, still close to the two-year low, which it touched on Friday, and the main reason is the strength of the dollar,” said Ricardo Evangelista, chief analyst at ActivTrades.

 The dollar remains stable near a two-decade high, making gold less attractive to holders of other currencies. And US 10-year Treasury yields are near their highest level since the interest rate fate

 Investors are awaiting the speech of Jerome Powell, Federal Reserve Chairman, following the Monetary Policy Committee meeting scheduled for September 21st.

 Financial market experts expect the US Federal Reserve to announce an increase of between 75 basis points (0.75%) and 100 basis points (1%) after the next meeting, in order to limit the steady increase in the inflation rate, which recorded 8.3% last August, against expectations about 8.1%