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Gold falls amid dollar strength
The value of the dollar rose to its highest level in a month amid increasing expectations of a U.S. interest rate hike, which put pressure on gold prices, causing them to decline by 0.7% to around $4,045 per ounce. Markets are closely watching the Federal Reserve's decision regarding interest rate policy. Market expectations still see an 81% probability of a rate hike in September, with greater chances of holding rates steady or increasing them by 25 basis points. Additionally, other precious metals such as silver and platinum also fell in price due to the dollar's strength and the outlook for U.S. interest rate increases.
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