# Gold slides over 1% after Fed projects rate hikes into 2023

> Spot gold dropped over 1% to $1,839 per ounce after 11 of 18 Fed officials projected at least two quarter-point rate hikes for 2023. The dollar and Treasury yields rose on the announcement.

- Date: 2021-06-16 · published 2021-06-16T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/46487-gold-slides-over-1-after-fed-projects-rate-hikes-into-2023
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

The earlier rate-hike projection strengthened the dollar, a headwind for dollar-priced agricultural commodities and a support for importing currencies' purchasing costs.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2018-02-27 | [Gold slides after Fed's Powell confirms gradual rate hikes](https://feedsoft.ai/events/66405-gold-slides-after-fed-s-powell-confirms-gradual-rate-hikes.md) | +0.1% | -0.1% |
| DXY | 2018-06-13 | [Gold erases gains after Fed hikes interest rates](https://feedsoft.ai/events/64440-gold-erases-gains-after-fed-hikes-interest-rates.md) | +1.3% | +0.6% |
| DXY | 2021-06-16 | [Dollar jumps after Fed pulls interest rate hikes into 2023 \| Reuters](https://feedsoft.ai/events/5929-dollar-jumps-after-fed-pulls-interest-rate-hikes-into-2023-reuters.md) | +1.4% | +1.4% |
| DXY | 2021-06-16 | [Wall Street closes lower as Fed officials project rate hikes for 2023](https://feedsoft.ai/events/5933-wall-street-closes-lower-as-fed-officials-project-rate-hikes-for-2023.md) | +1.4% | +1.4% |
| DXY | 2023-07-01 | [Oil drops 1.5% as Fed projects more rate hikes this year](https://feedsoft.ai/events/35655-oil-drops-1-5-as-fed-projects-more-rate-hikes-this-year.md) | -0.3% | -1.3% |

## Sources

- cnbc.com: https://www.cnbc.com/2021/06/16/gold-markets-dollar-us-federal-reserve.html

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