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Gold falls 1.3% amid dollar rise
Gold prices declined by 1.3% today, Wednesday, driven by the strength of the U.S. dollar and expectations that the Federal Reserve will continue to raise interest rates to combat persistent inflation, especially amid rising energy prices. Meanwhile, the dollar index increased by 0.4% to its highest level since July, making gold more expensive for buyers using other currencies. Markets also anticipate the continuation of the Fed's tight monetary policy, with potential further interest rate hikes in the coming months, despite oil prices dropping below $100 per barrel, and crude oil prices having risen more than 60% since the beginning of the year.
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