Domestic gold prices opened the market today (Aug. 30) up 100 baht per baht weight, with gold ornaments selling at 71,050.00 baht per baht weight, while gold bars sold at 70,250.00 baht per baht weight, according to the Gold Traders Association. Meanwhile, spot gold fell 2.75% to $4,474.45 per ounce, and U.S. gold futures for December delivery dropped 3% to $4,524.10 per ounce, after Fed Chair Kevin Warsh signaled that interest rate hikes may be necessary to control inflation, leading investors to increase expectations of a rate hike in September to 56% from 36%, and a stronger dollar pressured gold.
Fed Chair signals rate hikes to control inflation, raising rate hike expectations.
Rate hike expectations rise, pushing yields up.
