Gold drops 1.3% on strong dollar and rate hike fears
Gold prices today declined by 1.3% to approximately $4,301.65 per ounce, influenced by the strengthening of the US dollar, which rose by 0.4% to its highest level since July. This makes gold more expensive for buyers using other currencies. This comes amid expectations that the US Federal Reserve will maintain its tight monetary policy to contain inflation, which remains elevated due to rising energy prices. Analysts also pointed out that investors are leaning toward the dollar as a safe haven amid economic uncertainty, with ongoing expectations of a potential increase in interest rates in the coming months.
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