# Gold plummets below $1,230 on hawkish US Fed stance as dollar strengthens | IBTimes UK

> Gold fell more than $20 to around $1,228 an ounce after the Fed statement signaled a likely June rate hike and described the Q1 growth slowdown as transitory. Dollar and Treasury yields rose across the curve, and World Gold Council data showed Q1 gold demand down 18% year on year.

- Date: 2017-05-04 · published 2017-05-04T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/70923-gold-plummets-below-1-230-on-hawkish-us-fed-stance-as-dollar-strengthens
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A stronger dollar and higher Treasury yields raise the opportunity cost of holding gold and tend to pressure dollar-priced commodities, with feed-relevant grains and meal exposed to a firmer USD.

## Read by commodity

- DXY: bullish ▲
- CORN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-12-19 | [Dollar strengthens as market digests Fed's hawkish cut](https://feedsoft.ai/events/27136-dollar-strengthens-as-market-digests-fed-s-hawkish-cut.md) | +0.5% | +1.4% |
| DXY | 2024-06-14 | [EUR/USD plummets to 1.0670 as Fed's hawkish policy keeps US Dollar firm](https://feedsoft.ai/events/29980-eur-usd-plummets-to-1-0670-as-fed-s-hawkish-policy-keeps-us-dollar-firm.md) | +0.1% | -1.1% |
| DXY | 2026-06-30 | [United States Dollar Index strengthens above 101.00 on Fed rate hike bets](https://feedsoft.ai/events/19015-united-states-dollar-index-strengthens-above-101-00-on-fed-rate-hike-bets.md) | -0.1% | -0.3% |
| DXY | 2018-10-03 | [US dollar strengthens after Fed comments - The Business Times](https://feedsoft.ai/events/62721-us-dollar-strengthens-after-fed-comments-the-business-times.md) | +0.6% | +2.3% |
| DXY | 2024-11-11 | [Gold drops over 2% as dollar strengthens; investors await Fed policy cues](https://feedsoft.ai/events/27337-gold-drops-over-2-as-dollar-strengthens-investors-await-fed-policy-cues.md) | +0.8% | +1.1% |
| CORN | 2021-02-28 | [Metals smashed as dollar strengthens](https://feedsoft.ai/events/48548-metals-smashed-as-dollar-strengthens.md) | +0.6% | +5.4% |
| CORN | 2022-06-29 | [Euro dives, dollar rises after Fed's Powell reaffirms hawkish stance](https://feedsoft.ai/events/41144-euro-dives-dollar-rises-after-fed-s-powell-reaffirms-hawkish-stance.md) | +1.2% | -16.3% |
| CORN | 2021-09-23 | [Gold prices ease as dollar firms on Fed rate hike comments \| Financial Post](https://feedsoft.ai/events/44965-gold-prices-ease-as-dollar-firms-on-fed-rate-hike-comments-financial-post.md) | +1.3% | +2.0% |

## Sources

- ibtimes.co.uk: https://www.ibtimes.co.uk/gold-plummets-below-1230-hawkish-us-fed-stance-dollar-strengthens-1620034

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