# Gold hits lowest level in more than 2 months on lofty dollar, imminent U.S. rate hike

> Spot gold fell as low as $1,877.18 per ounce, its lowest since Feb. 16, before rebounding to about $1,895. The dollar index hit five-year highs and markets expected the Fed to raise rates by 50 basis points the following week.

- Date: 2022-04-28 · published 2022-04-28T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/41758-gold-hits-lowest-level-in-more-than-2-months-on-lofty-dollar-imminent-u-s-rate
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A stronger dollar and higher US yields raise the opportunity cost of holding bullion and weigh on dollar-priced metals; for feed buyers this is a macro currency signal with little direct effect on feed grain supply.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-10-04 | [Rand falls to lowest level against the dollar in months](https://feedsoft.ai/events/33924-rand-falls-to-lowest-level-against-the-dollar-in-months.md) | -0.8% | +0.0% |
| DXY | 2022-04-22 | [U.S. dollar hits more than 2-year high on aggressive Fed hike outlook](https://feedsoft.ai/events/4950-u-s-dollar-hits-more-than-2-year-high-on-aggressive-fed-hike-outlook.md) | +2.5% | +2.0% |
| DXY | 2023-05-25 | [Gold hits 2-month low on US debt talks progress, rate hike bets \| Reuters](https://feedsoft.ai/events/35842-gold-hits-2-month-low-on-us-debt-talks-progress-rate-hike-bets-reuters.md) | -0.4% | -1.1% |
| DXY | 2024-03-01 | [Gold hits more than one-week low as dollar strengthens, yields rise](https://feedsoft.ai/events/31578-gold-hits-more-than-one-week-low-as-dollar-strengthens-yields-rise.md) | -0.8% | -0.1% |
| DXY | 2026-06-24 | [U.S. dollar rises to 13-month high on Fed rate hike views](https://feedsoft.ai/events/11992-u-s-dollar-rises-to-13-month-high-on-fed-rate-hike-views.md) | -0.1% | -0.4% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/04/28/gold-markets-dollar-federal-reserve.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.