BENGALURU: Gold prices fell below the key $1,700 level on Thursday for the first time since July, as a rising dollar and expectations for aggressive interest rate hikes eroded its appeal.
Spot gold was down 0.8 percent at $1,696.76 per ounce by 13:58 p.m. ET, having dropped to its lowest since July 21 earlier in the session. US gold futures settled 1 percent lower at $1,709.3.
Gold is considered a safe store of value during times of economic uncertainty, but a higher rate environment tends to take the shine off the asset as it does not pay any interest.
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