Gold prices ease as Fed rate hike bets lift US Treasury yields

Gold prices slipped on Thursday as U.S. Treasury yields edged higher after minutes of the Federal Reserve's December meeting signalled quicker interest rate hikes to tame high inflation.

Spot gold was down 0.2% to $1,805.98 per ounce by 0430 GMT. U.S. gold futures fell 1% to $1,806.40.
 

"What the market has to be concerned with the end goal is how much the Fed is going to surprise going forward," said Stephen Innes, managing partner at SPI Asset Management.
 

"If it surprises with one more rate hike, that would be really negative for gold."
 

Fed officials said the "very tight" U.S. labour