Gold Price Pressure Mounts as Rate Hike Expectations Rise
Gold prices have been under pressure due to strong US economic data, which has increased expectations of a rate hike in September. The positive movement in US Treasury yields has added pressure on gold.
The price of gold (XAU) ended last week near $4,429 as the market awaits key drivers that could shape its next move.
Rising oil prices may also keep inflation elevated, while upcoming CPI and PPI reports may decide the next direction for gold. In order to determine the next move in gold, it must consolidate further before finding a clear path.