: Gold ends at lowest in two weeks as 10-year bond yield nears 4%

Gold prices ended at the lowest in two weeks as benchmark Treasury yields popped to almost 4% a day after the Federal Reserved bumped up rates to the highest in 22 years and said a U.S. recession looks avoidable.Gold futures for August delivery GCQ23GC00 closed at $1,945.70 an ounce on Comex, down 1.2% and shedding $24.40, while booking the lowest settlement for the most-active contract since July 11, according to Dow Jones Market Data.The rising 10-year Treasury yield BX:TMUBMUSD10Y to 3.98% on Thursday and a push higher in the U.S. dollar DXY against a basket of rival currencies put pressure on the precious metal.Interest rates climbed across the curve “as expectations for a Fed rate cut have been pushed back, raising the US dollar and dropping gold,” Louis Navellier, chief investment officer and founder of Navellier & Associates, wrote Thursday, in a client note.

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