The US stock market fluctuated in afternoon trading and closed lower, and interest rate sensitive technology stocks were hit hard again, as market volatility was exacerbated by the increasingly hawkish position of the Federal Reserve and the uncertainty around rising geopolitical tensions.

The US dollar index rose 0.12% to close near 95.99, US Treasury bond yields rose, stocks narrowed losses, and data showed that the US economy was mixed. Fed officials met on Tuesday and Wednesday to discuss how to curb inflation, the highest in decades, without harming the labor market.

Spot gold once hit a new high of $1853.87 per ounce since November 19 last year, as geopolitical concerns related to Ukraine prompted investors to buy safe haven assets, including gold, before the Federal Reserve meeting. COMEX February gold futures closed up 0.6% to $1852.50 / ounce.