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Gold prices drop 1.3% as dollar strengthens ahead of Fed meeting, with rate hike expectations pressuring gold.
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Global gold prices fell today, with spot gold down 1.3% to $4,021.18 per ounce and COMEX gold futures for August delivery down 1.4% to $4,021.50 per ounce, pressured by the US dollar holding near a four-week high, making gold more expensive for foreign buyers. Investors are holding back ahead of the Federal Reserve's monetary policy meeting, which concludes tomorrow. CME Group's FedWatch Tool indicates investors see about a 34% chance of a 0.25% rate hike at this meeting and about an 81% chance of a rate hike at the September meeting.
Gold prices drop 1.3% as dollar strengthens ahead of Fed meeting, with rate hike expectations pressuring gold.