Gold Weakens Below $4,150 on Iran Uncertainty and Fed Hike Bets
Gold (XAU/USD) slipped below $4,150 during Asian trading on Tuesday, reversing previous gains as a bullish US dollar and concerns over Iran tensions and Federal Reserve rate hike expectations weighed on the precious metal.
XAUUSD
Gold (XAU/USD) encountered fresh selling pressure during the Asian session on Tuesday, falling back below the $4,150 level. The move reversed a significant portion of the previous day's advance.
The decline was attributed to a strengthening US dollar, geopolitical uncertainty surrounding Iran, and increased bets on a Federal Reserve rate hike. The bullish dollar environment continues to pressure gold prices, as higher interest rates reduce the appeal of non-yielding assets.
Source: FXStreet Forex News