US gold falls to 5-1/2-week low as dollar surges

Newswire

NEW YORK, March 23 (Reuters) - U.S. gold futures opened at a 5-1/2-week low Wednesday as the dollar surged against the euro following yesterday's Federal Reserve quarter-point hike in interest rates and signal that it may step up the pace of interest rate rises to counter inflationary pressures. By 8:26 a.m. EST (1326 GMT), gold for April delivery at the COMEX division of the New York Mercantile Exchange was down $6.30 at $425.30 an ounce after bouncing back from $424.50 which marked its ...

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