Commodities
Gold Prices Plummet as Fed Rate Hike Expectations Rise
Gold prices dropped on Monday as investors grew more confident that the US Federal Reserve will raise interest rates this year, causing the dollar to strengthen and making bullion more expensive for holders of other currencies.
The spot price of gold fell by 0.6% to $4,349.94 per ounce, with US gold futures settling 0.9% lower at $4,383.90.
Jim Wyckoff, a market analyst at American Gold Exchange, attributed the decline in gold prices to 'lingering concerns among bulls' about tighter US monetary policy and its impact on the dollar index, which reached a two-month high last Friday.