Gold futures down 3% to seven-week low as rate-hike bets rise

Gold futures in New York fell 3% to $4,189.40 on Sept 28, lowest in seven weeks, WSJ reported. Traders priced in more Fed rate hikes, which pushed bond yields (annual returns) and the dollar higher. That makes gold — which pays no interest — costlier to hold. Savers take note: rate bets can swing hard assets quickly.