Gold trims losses to end past $2,000

Gold prices finished in the red today, April 17, after the US dollar extended its upside on growing expectations for an interest rate hike by the Federal Reserve at the upcoming May 2-3 meeting.

A stronger US dollar and the rise in Treasury bond yields, alongside some profit-taking from recent gains, are putting pressure on gold, said Jim Wyckoff, senior analyst at Kitco Metals, Reuters reported.

CME FedWatch Tool is pricing in a more than 86% chance of a Fed rate rise of 25 basis points in May.

In terms of trading, gold for June delivery plunged by 0.40%, or $8.80, to close at $2,007 an ounce, after hitting an intraday low of $1,993.40 per ounce.

On the other hand, the US dollar index, which gauges the greenback's strength against a basket of six currencies, added 0.60% to reach 102.15 points at 8:54 pm Makkah time.