Gold futures finished sharply lower on Thursday, marking three month low settlement as the central banks of England, Turkey, Switzerland and Norway raised their benchmark interest rates amidst hawkish comments from Fed chair Jerome Powel. A wave of interest-rate hikes from global central banks to tame the soaring inflation dulled safe haven appeal of the bullion. Moreover, strength in dollar and Treasury bond yield notes also saddled yellow metal investments.
Gold futures for August delivery tumbled by $21.20 or 1% to settle at $1923.70 ounce on the Comex division of the New York Mercantile. Spot gold down by $1.93 or 0.10% to $1,912.08 per ounce.