The gold price came close to hitting $1700 in the past 12 hours, as of this writing, the metal trades below $1712. The reason for such significant weakening was created by the substantial strengthening of the US dollar and sharp rise in interest rates around the world, especially the US central bank, which is pursuing an aggressive monetary policy to get inflation under control.
Bullion prices extended their weekly decline as a stronger dollar and higher interest rates continued to hammer investment demand in the precious metals. The precious metal has been under intense selling pressure since Friday after the aggressive speech from Fed Chair Jerome Powell. On Friday, at a speech at the Jackson Hole symposium, Powell said that the US Central Bank will raise and maintain rates at a restrictive level until inflation falls substantially.
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