Gold extends losses to one-week low as dollar rallies on Fed hike bets

Gold extended its losses to a one-week low as the US dollar strengthened, with the move attributed to growing expectations that the Federal Reserve will raise interest rates. The primary transmission channel runs through real yields and the opportunity cost of holding non-yielding bullion: higher expected policy rates lift Treasury yields, raising the return on interest-bearing assets relative to gold, while a firmer dollar makes dollar-priced gold more expensive for holders of other currencies. Gold is the most directly exposed asset, since its price is highly sensitive to shifts in real rates, and the dollar index is the other primary beneficiary of the repricing. Traders will be watching the next US consumer price index release, as inflation readings that confirm persistent price pressure would strengthen the case for further tightening and could extend the dollar's advance and pressure gold further.

The US Dollar (USD) is the world's primary reserve currency and the base for most forex majors. Headlines about Federal Reserve policy, US macro data (CPI, NFP, GDP), and Treasury yield shifts typically drive USD pair direction within seconds of release.

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