By Pablo Sinha <\/p>\n
June 26 (Reuters) – Gold was set on Friday for a fourth straight weekly fall, as a resilient dollar and expectations \u200cof faster U.S. rate hikes to tame inflation kept bullion pressured \u200cnear $4,000 per ounce. <\/p>\n
Spot gold fell 0.6% to $4,002.77 per ounce by 0441 GMT. U.S. gold futures for \u200bAugust delivery lost 0.7% to $4,017.30. <\/p>\n
For the week, bullion was on track for a loss of 3.8%, having slipped below the key $4,000 level for the first time since November 2025 on Wednesday. <\/p>\n
“The rapid repricing of the hawkish Fed created a strong \u200cbullish momentum in the U.S. \u2060dollar, which eventually led to this significant downward drift in gold prices,” said Kelvin Wong, a senior market analyst at \u2060OANDA. <\/p>\n
The U.S. dollar index held near its strongest level since May 2025 and was headed for a second straight weekly gain, making gold more expensive for holders \u200bof other \u200bcurrencies. [USD\/] <\/p>\n
Wong sees the multi-month correction in \u200bgold, since the record high reached \u200cin late January, extending towards $3,400 in the long term. <\/p>\n
Gold prices have fallen about 29% from the record high of $5,594.82 on January 29, as inflation fuelled by the U.S.-Iran war ramped up rate-hike bets. <\/p>\n
Data on Thursday showed that U.S. inflation increased further in May, breaking above 4.0% for the first time in \u200cthree years, as forecast by economists surveyed \u200bby Reuters. <\/p>\n
Although gold is typically viewed as a \u200bhedge against inflation, it tends \u200bto lose its appeal as a non-yielding asset in a \u200chigh-interest-rate environment. <\/p>\n
Traders expect three Fed rate \u200bhikes this year and \u200bare pricing in about a 64% chance of a September increase, according to the CME FedWatch Tool. [FEDWATCH\/] <\/p>\n
Among other metals, spot silver fell 2.6% \u200bto $56.39 per ounce, platinum \u200clost 2% to $1,568.55, and palladium slid 0.6% to $1,177.12. All metals were headed for \u200ba weekly loss. <\/p>\n
(Reporting by Pablo Sinha in Bengaluru; additional reporting \u200bby Swati Verma; Editing by Subhranshu Sahu) <\/p>\n","protected":false},"excerpt":{"rendered":"By Pablo Sinha June 26 (Reuters) – Gold was set on Friday for a fourth straight weekly fall,…\n","protected":false},"author":2,"featured_media":511597,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[5275,232395,42,168658,43,16540,234762,40,38,41,39],"class_list":["post-511596","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-gold-prices","tag-hawkish-fed","tag-headlines","tag-kelvin-wong","tag-news","tag-spot-gold","tag-tame-inflation","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/511596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=511596"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/511596\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/511597"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=511596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=511596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=511596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}