Gold prices fell and hit a five-month low, as yields on US Treasuries were rising, with 10-year yields hitting their highest yield in 15 years at around 4.3%. The current rally in the US dollar index is another bearish factor that keeps gold sellers in control overall. For the last time, December gold fell $5.20 at $1,923.20.
Minutes from the Federal Reserve's last FOMC meeting, released Wednesday afternoon, reminded traders and investors that the Fed remained committed to reducing US inflation. The market considers minutes to be hawkish. US Treasury yields rose further after the release of the minutes, while the US dollar index hit a nine-week high overnight. Gold prices fell to a 5-month low overnight.