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U.S. Federal Reserve signaled it might raise interest rates sooner than expected. The news drove up U.S. Treasury yields and consequently the U.S. Dollar.Rising yields tend to increase the opportunity cost of holding bullion, dulling its appeal as an investment. A stronger U.S. Dollar tends to weigh on foreign demand for the dollar-denominated asset.The Federal Reserve last Wednesday considerably raised its expectations for inflation this year and brought forward the time frame on when it will next raise interest rates, CNBC reported.
However, the central bank gave no indication as to when it will begin cutting back on its aggressive bond-buying program, though Fed Chairman Jerome Powell acknowledged that officials discussed the issue at the meeting.
U.S. Federal Reserve signaled it might raise interest rates sooner than expected. The news drove up U.S. Treasury yields and consequently the U.S. Dollar.Rising yields tend to increase the opportunity cost of holding bullion, dulling its appeal as an investment. A stronger U.S. Dollar tends to weigh on foreign demand for the dollar-denominated asset.The Federal Reserve last Wednesday considerably raised its expectations for inflation this year and brought forward the time frame on when it will next raise interest rates, CNBC reported.
However, the central bank gave no indication as to when it will begin cutting back on its aggressive bond-buying program, though Fed Chairman Jerome Powell acknowledged that officials discussed the issue at the meeting.