Massive strength in the US dollar following a 75 basis point Fed rate hike coupled with hawkish message by the central bank on future rate hikes added immense pressure on Gold that fell to a near two and half year low. Fed Chair Jerome Powell said the bank needed to take much more aggressive measures to combat red-hot inflation, and was prepared to put some pressure on the economy and the job market as a result. The dollar index rose as much as 1% to 111.47, its highest level since June 2002, while 10-year U.S. Treasury yields surged to a 11-year high at 3.6%. Meanwhile, the yellow metal was flat at $1678 an ounce.

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