Gold prices extended losses on Tuesday 08 August 2023, as uncertainty over the Federal Reserve’s next move and anticipation of a stronger inflation reading this week buoyed the dollar and Treasury yields. Federal Reserve governor Michelle Bowman expressed that there is a potential need for further increase in the US interest rates to successfully lower inflation to meet the target of 2%. His comments supported the dollar index and the US bond yields and pushed gold and silver prices lower. We expect gold and silver to remain volatile in today’s session.
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