The current trend for gold prices is downward, as it has slipped below the important psychological support level of $1,900 per ounce in the early morning trading session. It is currently trading at $1,874 per ounce. Additionally, the hawkish stance of the Federal Reserve continues to push up bond yields and the US dollar, suppressing the upward momentum of metal markets.
Higher inflation rates have resulted in higher interest rates, causing a significant decline in gold. It is expected that gold will slide further to $1,840 per ounce if market conditions continue on this trend.
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High inflation forced the US Federal Reserve (Fed) to maintain a tough monetary policy longer than expected. This will continue to support rising bond yields and a stronger USD.