Gold Futures Extend Losses on Rising Treasury Yields
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Gold futures finished below $1,900/oz Wednesday, falling for the eighth straight session to its lowest settlement in five months, pressured by higher U.S. Treasury yields and a firm dollar.
Treasury yields finished higher across the curve, including a 4 bps increase on the benchmark 10-year yield to 4.26%, while the dollar index rose 0.2%, making bullion more expensive for overseas buyers.
Meanwhile, the Federal Reserve's July meeting minutes showed most senior officials believe additional monetary policy tightening may be necessary to tame inflation.