Gold: fell below $1,830 an ounce on Wednesday, sliding for the fourth straight session as the dollar firmed, while investors awaited fresh cues from the Federal Reserve on the likely direction of US monetary policy.
The metal has declined nearly 2% from a week ago amid a global wave of interest rate increases aimed at bringing inflation down, led by the US central bank’s 75 basis point rate hike.
Market participants are now eyeing Fed Chair Jerome Powell’s appearance before Congress on Wednesday and Thursday for fresh insight on the central bank’s policy plans.
Analysts expect the Fed to deliver another 75 basis point rate hike in July, followed by a 50 basis point increase in September.
Meanwhile, gold could be among assets that may be targeted in a possible next round of European Union sanctions on Russia, a draft document showed