Dollar rise pushes gold to 7-month low

Gold prices dropped to their lowest level in seven months, declining by 0.42% to approximately $3,984 per ounce. This was driven by the strength of the dollar and expectations that the U.S. Federal Reserve will raise interest rates later this year. The rising dollar increased the cost of purchasing gold, while market forecasts of a possible rate hike to combat inflationary pressures led to decreased demand for the metal and threatened the wave of investment flows driven by gold.

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