Gold declines sharply amid rate hike fears
Gold prices declined by more than 1% today, Tuesday, recording a loss of 12.7% since the beginning of the month, marking the largest monthly drop since October 2008. This comes amid expectations of interest rate hikes to combat high inflation. The dollar is rising, and the Federal Reserve is expected to raise interest rates three times this year, which increases the cost of the precious metal and puts downward pressure on its prices, despite central banks continuing to purchase gold. Analysts expect gold prices to remain in the range of $3,500 to $4,400 in the second half of the year.
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