Prices posted their biggest weekly gain since March 2020 last week, after signs of cooling US inflation lifted hopes the Fed could be less hawkish on rate hikes
Bengaluru — Gold prices retreated on Monday from a three-month peak hit in the previous session, as the dollar and US bond yields edged up after a top US central banker warned that the Federal Reserve was not softening its fight against inflation.
Gold prices posted their biggest weekly gain since March 2020 last week, after signs of cooling US inflation lifted hopes the Fed could be less hawkish on rate hikes. US consumer sentiment fell in November, pulled down by persistent worries about inflation and higher borrowing costs, a survey showed on Friday.
Gold is highly sensitive to rising US interest rates, as these increase the opportunity cost of holding non-yielding bullion.
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