Gold declines over 3% below $4,000

Gold prices dropped by over 3%, reaching $3,978.79 per ounce, marking the lowest level since June 11. The decline was driven by a strengthening dollar and expectations of an increase in U.S. interest rates. The rise in the dollar increased the cost of gold, and markets are now anticipating three interest rate hikes this year, compared to just one previously, which reduces gold's attractiveness to investors. Investors are awaiting the release of U.S. inflation data to support their monetary policy decisions, while statements regarding the nuclear agreement with Iran are raising doubts about the stability of international relations.

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