On Monday, Gold prices fell for a sixth session to hit their low in the last three weeks. This is supposed to hike further interest rates from the US Federal Reserve to tame surging inflation.

The gold price was down 0.1 per cent at $1,746.06 per ounce after hitting its low in the last three weeks (July 28) at $1,743.83. Also, nearly 3 per cent of metal was lost last week.
US gold futures eased 0.2% to USD 1,758.80. The dollar surged 0.1% to a one-month high against its competitors, making gold more expensive for buyers than other currencies. As per media reports, the Fed will hike rates by 50 basis points (BP) in September amid expectations of inflation reaching its peak and worrying growing recession.
Traders are currently pricing in around a 46.5% chance of a 75-basis-point rate surge in September, and there is a 53.5% chance of a 50 Basis Points rise. Gold is highly sensitive to soaring US interest rates, as interest rates increase the opportunity cost of holding non-yielding bullion. Fed Chair Jerome Powell commented this week when he addressed an annual global central banking conference in Jackson Hole, Wyoming, on Friday.
Moreover, Spot silver gained 0.2 per cent to $19.06 per ounce, platinum fell 0.3 per cent to $893.38, and palladium rose 0.2 per cent to $2,129.21.