Gold breaks below $1,800 as dollar, yields firm on rate hike bets

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  • Breach of $1,800/oz could put further selling pressure – analyst
  • Jerome Powell renominated as Fed chair
  • Market expectations for 2022 rate hike reinforced

Nov 23 (Reuters) – Gold prices fell below the key $1,800 level on Tuesday, as the dollar and bond yields firmed with expectations that U.S. interest rates will rise next year, shored up by the renomination of Federal Reserve Chairman Jerome Powell.

Spot gold fell 0.5% to $1,795.97 per ounce by 1248 GMT, after hitting its lowest since Nov. 5 at $1,792.00.

U.S. gold futures dropped 0.6% to $1,796.30.

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