U.S. gold futures slipped 1.3% to $1,773.90.
“We’re seeing bond yields move higher over the last few weeks and that once again has taken some of the wind out of the sails in the gold market,” said David Meger, director of metals trading at High Ridge Futures.
While gold is often sought as a hedge against inflation, higher bond yields have eroded that status since they increase the opportunity cost of holding bullion.
The recent rise in real rates is a sign of growing optimism about the recovery and does not warrant a response from the Federal Reserve, Kansas City Fed President Esther George said, echoing Fed Chair Jerome Powell’s testimony on Tuesday.
CNBC’s ETF Edge is dedicated to the fastest-growing trend in investing right now: ETFs. Every Monday, Bob Pisani will be joined by a panel of top market participants to offer educational and actionable advice to help you build your best portfolio.
CNBC’s ETF Edge is dedicated to the fastest-growing trend in investing right now: ETFs. Every Monday, Bob Pisani will be joined by a panel of top market participants to offer educational and actionable advice to help you build your best portfolio.
CNBC’s ETF Edge is dedicated to the fastest-growing trend in investing right now: ETFs. Every Monday, Bob Pisani will be joined by a panel of top market participants to offer educational and actionable advice to help you build your best portfolio.
By Reuters Staff
1 Min Read
WASHINGTON (Reuters) - The presidents of the Federal Reserve’s 12 regional banks, officials who oversee bank regulation and share duties setting monetary policy with the central bank’s Washington-based Board of Governors, have been appointed to new five-year terms beginning March 1, the central bank announced on Thursday.
The reappointments, along with those of the sitting vice presidents, were recommended by the local boards of directors that oversee each regional bank and accepted by the board.
Fed presidents appointed before they turn 55 must retire by their 65th birthday, the central bank’s rules stipulate. That means Boston Fed President Eric Rosengren can serve only until June 2022, and both Chicago Fed President Charles Evans and Kansas City Fed President Esther George can only serve until January 2023.