Additionally, concerns about a potential U.S. debt default further affected the market.
The rise in interest rates negatively impacts non-yielding assets such as gold, as it increases the opportunity cost of holding them.
The Fed's approach to rate hikes is based on data, and with inflation rising, they may consider further hikes.
Economic risks from a possible default are also reduced, giving the central bank more leeway to increase interest rates, indicating a bleak outlook for gold in the short term.
Gold is currently experiencing a minor increase in value and is expected to hover around the price range of 1955-1960 before heading back down.
The projected target for this week is a decrease in value, with Gold returning to the price zones of 1935-1930 and 1925.
The rise in interest rates negatively impacts non-yielding assets such as gold, as it increases the opportunity cost of holding them.
The Fed's approach to rate hikes is based on data, and with inflation rising, they may consider further hikes.
Economic risks from a possible default are also reduced, giving the central bank more leeway to increase interest rates, indicating a bleak outlook for gold in the short term.
Gold is currently experiencing a minor increase in value and is expected to hover around the price range of 1955-1960 before heading back down.
The projected target for this week is a decrease in value, with Gold returning to the price zones of 1935-1930 and 1925.
