Gold Stagnant Above $4,300 Amid Hawkish Central Bank Bets

Gold's price remains steady above $4,300 as the US Dollar gains strength amid growing expectations that central banks will maintain a hawkish stance. The upcoming decisions from the Federal Reserve, Bank of England, and Bank of Japan are expected to influence market sentiment.

The recent surge in crude oil prices, driven by Middle East tensions and clashes in the Strait of Hormuz, has also contributed to the strengthening US Dollar. The commodity's safe-haven appeal is being undermined by the prospect of higher interest rates and inflation risks.

Traders are pricing in an over 85% chance of a Fed rate hike at the end of its two-day meeting on Wednesday, according to CME Group's FedWatch Tool. This has lifted the US Dollar to a one-week high and capped the upside for gold.