Gold Prices Drop for Fourth Straight Day Amid Rate Hike Bets

Gold prices have slipped for the fourth consecutive day as investors regain bets that the U.S. Federal Reserve will raise interest rates. The price of international gold hovered around $4,353 an ounce on September 9th, according to Investing.com.

The recent downturn in gold prices comes after a strong rebound last month, where it jumped about 9% from July's lows. This followed the U.S. Treasury's announcement to expand bond buybacks, which fueled expectations that the dollar could weaken.

However, this month's release of August employment data, which came in stronger than expected, has put a brake on gold's advance. The jobs report sparked renewed bets that the Federal Open Market Committee will raise rates at its September meeting, weighing on gold prices.

Brokerages say the current price correction can be seen as a medium- to long-term buying opportunity. They point to the potential erosion of dollar-asset values and continued central bank buying as factors that could support gold prices over time.