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Gold futures finish lower as Fed chair reaffirms more rate hikes

22 Jun 2023 Evaluate

Gold futures finished lower on Wednesday, as the investment appeal of the bullion dulled after Federal Reserve Chairman Jerome Powell in his testimony reaffirmed more interest hikes to tame inflation. Additionally, stronger US Treasury bond yield notes also added the downside. However, weakness in dollar capped some losses in the session.

Gold futures for August delivery reduced by $2.80 or 0.14% to settle at $1944.90 ounce on the Comex division of the New York Mercantile. While, spot gold up by $0.65 or 0.03% to $1,933.20 per ounce.