Gold futures finished lower on Tuesday, pressured by strength in Treasury yields in the wake of comments from Federal Reserve officials on interest-rate hikes. Fed Chairman Jerome Powell on Monday said policy makers could delivery half percentage point rate hikes at future meetings and St. Louis Fed President James Bullard said Tuesday that the central bank needs to move aggressively on rates. Gold looks like it is “on the ropes” on surging Treasury yields, growing stagflation risks, and with a potential pivotal moment in West’s response in the Ukraine war coming up with the NATO summit set for Thursday, said Edward Moya, senior market analyst at OANDA. “Gold should have decent support ahead of the $1,900 level, but if that breaks, bearish momentum could get ugly fast.” April gold GCJ22, +0.06% declined by $8, or 0.4%, to settle at $1,921.50 an ounce.
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