WASHINGTON (dpa-AFX) - Gold prices were moving lower on Wednesday, the dollar edged higher and Treasury yields spiked on concerns over higher inflation and the Federal Reserve's tightening cycle.
Spot gold dipped 0.4 percent to $1,831.24 per ounce, while U.S. gold futures were down 0.8 percent at $1,833.20.
U.S. treasury yields rose, with the benchmark 10-year yield touching 2.87 percent, as hawkish comments from Fed Governor Christopher Waller earlier this week caused investors to trim expectations for a pause in the rate hike cycle after two 50 basis point hikes each this month and next.
The Federal Reserve is set to start shrinking its $8.9 trillion balance sheet and release its Beige Book later in the day.
New York Fed President John Williams and St. Louis Fed President James Bullard will speak at separate events while the U.S. jobs report, including non-farm payrolls, is due on Friday.
Economists expect a gain of 325,000 jobs in May following an increase of 428,000 jobs in the previous month. The unemployment rate is expected to fall to 3.5 percent from 3.6 percent.
U.S. ISM manufacturing PMI for May and construction spending for April are set for release in the New York session.
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