Gold Price Slumps Under Pressure as Fed Hike Bets Intensify
The gold price is under intense selling pressure to start the week, weighed down by expectations of further monetary tightening from the Federal Reserve.
This comes as higher oil prices fuel inflation concerns and keep US Treasury yields elevated, reducing the appeal of gold.
Persistent tensions between the United States and Iran are supporting safe-haven demand for the US Dollar, adding pressure on gold.
Markets are now pricing in a 68% chance of another Fed rate hike in October, with upcoming comments from Fed officials and key US economic data expected to drive XAU/USD.