Fed hawkish signal lifts dollar index to 13-month high, sending August COMEX gold down 2.70%

A hawkish Federal Reserve policy update on Wednesday that pointed to higher interest rates later this year pushed the dollar index (DXY) to a 13-month high. August COMEX gold slid 2.70% in a single session and July COMEX silver fell 5.47% as a stronger dollar and higher rate expectations weighed on precious metals. WTI crude fell 2% to a 3.5-month low, but the drop failed to offset the market’s dominant focus on dollar strength and rising rate expectations.