The price of gold declined on Monday in the global market. This drop is primarily attributed to expectations of further interest rate hikes by the US Federal Reserve.
Spot gold prices fell by 0.7 percent to $4,061.35 per ounce, while US gold futures decreased by 0.5 percent to $4,076.40 per ounce. This marks the fourth consecutive month in which gold prices have fallen.
Experts note that investors are being cautious due to the anticipated higher interest rates, making gold relatively less attractive compared to other investments.
Analysts emphasize that investors are closely watching upcoming US employment data, as it could provide crucial insights into the future monetary policy of the US central bank.
If inflation decreases, the US dollar weakens, and global economic conditions improve, experts believe that gold prices could rebound to higher levels.
Additionally, analysts suggest that the situation in the Middle East, global trade tensions, gold purchases by central banks, and US monetary policy will significantly influence gold prices in the coming weeks.
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