Gold drops to its lowest in more than two weeks

Bengaluru — Gold prices dipped on Monday to their lowest in more than two weeks, as bets for an increasingly aggressive and hawkish US Federal Reserve approach to tightening monetary policy boosted the dollar and pressured demand for bullion.

Though the 10-year US treasury yield is nearing 3% and theoretically that's supposed to be a tipping point for gold, it is more about real yields that are starting to catch up and that will weigh on gold, said Stephen Innes, managing partner at SPI Asset Management. Gold is highly sensitive to rising US short-term interest rates and higher yields, which increase the opportunity cost of holding non-yielding bullion. It is, however, seen as a safe store of value during economic and political crises.

SilverKayondo Petrodollar economy might be eaten this time.

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