Gold prices continued their decline on Thursday, hovering near their lowest level in more than seven months hit in the previous session, pressured by a strong dollar amid growing expectations of U.S. interest rate hikes.
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By 00:43 GMT, spot gold fell 0.4% to $3,985.89 per ounce, after hitting its lowest level since November 2025 on Wednesday. U.S. gold futures for August delivery lost 0.2% to $4,001.60.
Gold prices fell below the key level of $4,000 per ounce yesterday, pressured by the rising dollar and expectations that the Federal Reserve (the U.S. central bank) will raise interest rates.
According to the CME FedWatch Tool, traders expect three U.S. rate hikes this year and see an approximate 67% chance of a hike being approved in September.
The dollar rose for the third consecutive day yesterday to reach a 13-month high, increasing the cost of gold for buyers holding other currencies.
Investors are awaiting the release of the U.S. Personal Consumption Expenditures (PCE) data—the Federal Reserve's preferred inflation gauge—scheduled for later today, to gain further clues on monetary policy.
As for other precious metals, spot silver fell 0.2% to $57.33 per ounce, and platinum dropped 0.2% to $1,575.85, while palladium rose 0.3% to $1,170.25.
Reuters
