Fed Rate Hike Expectations Weigh Down Gold Prices

Gold prices fell on July 28 as investors grew more confident that the US Federal Reserve would raise interest rates to combat inflation.

The spot price of gold was down 0.6% or $25, trading at $4,051.02 per ounce.

Growing expectations of a rate hike have put pressure on gold prices as investors move towards interest-bearing assets instead of non-yielding assets like gold.

However, the US dollar's weakness limited further declines in bullion prices, with the greenback trading 0.1% lower on July 28.