Fed Hawkishness Sends Gold Prices Tumbling

Gold prices have plummeted to around $4,215 during early Asian trading hours on Monday due to hawkish signals from the US Federal Reserve and a strengthening US Dollar.

The Fed's policymakers hinted at additional rate increases to combat high inflation, with Cleveland Fed President Beth Hammack stating that restrictive monetary policy should be maintained.

Citing continued inflationary pressures, Fed President Tom Barkin and Boston Fed President Susan Collins backed the recent interest rate hike.

Gold analyst Kelvin Wong noted that a more hawkish Fed strengthens the dollar and negatively affects gold prices.