Gold Price Hikes Ahead: Fed Rate Expectations Weigh on XAU

Strong US economic data has kept alive the possibility of a September Fed rate hike, putting pressure on gold prices.

The precious metal closed last week near $4,429 as expectations of a rate increase grew due to positive movement in US Treasury yields and rising oil prices.

This upward trend could potentially push gold toward its major support at $4,000 if it breaks below $4,300.

On the other hand, a move above $4,530 could open up the way for gold to reach $4,800-$5,000.