Commodities
Gold Prices Plunge Below $4,050 as Stronger Dollar and Higher Rates Weigh In
Gold prices took a hit on July 24, slipping below $4,050 per ounce as a stronger US dollar and expectations of higher interest rates from the Federal Reserve weighed on bullion.
The Fed's upcoming policy decision is being closely watched by investors, who are seeking clues on the interest rate outlook. Higher Treasury yields have also contributed to the decline in gold prices, making it less attractive compared to interest-bearing assets.
Despite the recent downturn, analysts say that geopolitical uncertainty and central bank buying continue to provide support for gold prices in the long term.