Gold pressed on stronger dollar and yields

Gold prices rose slightly on Wednesday but still under pressure as a result of strong U.S. dollar and U.S treasury yields.

The stronger dollar and yields come as many market players expect for quicker than expected rate hikes by the Federal Reserve.

Moreover, the Fed will release later today its March meeting minutes to show more signals about the central bank’s monetary policy.

It should be noted that the Fed hiked the interest rate in the last March meeting for the first time since 2018 to curb higher inflation.

Meanwhile, the U.S. dollar index rose by 0.1% to 99.5 points as the USA and EU countries discusses imposing more hard sanctions on Moscow.

Spot Gold soared by 0.2% or $3.9 to trade at $1931.4 per ounce by 1539 GMT.