Gold Slumps Amid Dollar Rise, Anticipation of US Rate Hike

Gold prices declined on Wednesday, influenced by the rising U.S. dollar amid expectations of an interest rate hike in the United States. Investors are also assessing conflicting signals regarding ongoing talks between the United States and Iran. Spot gold dropped by 0.5% to $4087.68 per ounce, marking its lowest level since June 11. U.S. gold futures for August delivery also fell by 1.1% to $4105.40. The dollar reaching its highest level in over a year further increased the cost of gold for buyers holding other currencies.