Gold prices finished lower on Wednesday, ending the longest streak of gains for the precious metal since April, as some traders reconsidered the odds of a pivot by the Federal Reserve away from its aggressive rate-hiking stance. December gold fell $13.30, or 0.7%, to settle at $1,776.40 an ounce on Comex, according to FactSet. The yellow metal came under pressure from climbing Treasury yields and a strong U.S. dollar [s:dxy], both of which can dull the appeal of gold. Investors have now heard from several top Federal Reserve officials this week, including Richmond Fed President Thomas Barkin on Wednesday, who said the central bank sees a path to taming inflation, but that a recession could happen in the process. The lower close ended gold’s five-session win streak, its longest since April, according to Dow Jones Market Data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.