Gold dips close to $4,400 amid rate outlooks

Gold retreated near the 4,400 US dollars per ounce level, reflecting a weak performance despite geopolitical tensions that usually boost its appeal as a safe haven. This decline was driven by rising expectations for U.S. interest rates and bond yields, which increase the opportunity cost of holding gold. The price dropped by about 1%, after having fallen 3.2% in the previous session, following statements from Federal Reserve officials indicating the continuation of a tightening monetary policy. This led bond yields to rise and diminished gold’s attractiveness as a safe haven, despite escalating tensions between the United States and Iran.

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