Gold prices reached their lowest point in 3-1/2 months as traders anticipate interest rates staying higher for a longer period and await a speech by Federal Reserve Chair Jerome Powell. The slide in gold prices is due to market expectations of a reduced number of rate cuts, with a 74% chance of a rate hike at the Fed’s next meeting. The strengthening dollar also made gold less attractive for foreign buyers. Investors are now focused on Powell’s speech at the European Central Bank Forum to gain insight into future monetary policy.
