Gold prices fell to their lowest level in more than 3 months at the settlement of the trading session of Wednesday, the twenty-eighth of June, with the statements of a number of major central bank heads that they will continue the tightened monetary policy.
Upon settlement, gold futures fell by 0.1% to $1922.2 an ounce.
Jerome Powell said in remarks today that more interest rate hikes are likely to be implemented in future meetings of the Central Bank, adding that he does not rule out increasing the cost of borrowing at the policy-setting meeting scheduled for the end of July.
High interest rates discourage investment in gold, which does not yield a return.
According to CME Group's Feed Watch service, investors expect 82% of interest rate hikes at the next Fed meeting in July.
