Gold held a decline as a resurgent dollar and bond yields weighed on the precious metal, with investors assessing an apparent hawkish turn from the Federal Reserve.
Bullion dropped 0.7% on Tuesday, after closing at a four-week high the day before, as Fed officials pushed back against a narrative in financial markets over the past week that the central bank is likely to pivot away from tightening to prevent a sharp slowdown.
Three Fed district-bank presidents highlighted in remarks on Tuesday that there was no sign yet of an easing in inflation, which had traders recalibrating their views on the likely pace of rate increases and on whether the Fed will cut them in early 2023.
Gold had been drawing some haven support as House Speaker Nancy Pelosi became the highest-ranking American politician to visit the island in 25 years, prompting China to announce missile tests and military drills. The anxiety in markets seemed to be easing on Wednesday, however, with stocks looking set for a steadier session.
Spot gold slipped 0.2% to $1,756.24 an ounce as of 8:28 a.m. in Singapore. It rose to $1,788.05 on Tuesday, the highest intraday level since July 5. The Bloomberg Dollar Spot Index climbed 0.3% after jumping 0.8% in the previous session. Silver and platinum dropped, while palladium was little changed.
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