{"id":128862,"date":"2026-06-24T13:29:00","date_gmt":"2026-06-24T09:29:00","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=128862"},"modified":"2026-06-24T13:29:04","modified_gmt":"2026-06-24T09:29:04","slug":"gold-tests-4000-support-as-dollar-hits-fresh-13-month-high-september-fed-hike-now-70-priced","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/gold-tests-4000-support-as-dollar-hits-fresh-13-month-high-september-fed-hike-now-70-priced\/06\/24\/market-updates\/","title":{"rendered":"Gold Tests $4,000 Support as Dollar Hits Fresh 13-Month High: September Fed Hike Now 70% Priced"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Takeaways<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Gold extends losing streak:<\/strong> Spot gold fell 0.5% to $4,090.72 per ounce after touching as low as $4,050.60 \u2014 approaching the critical $4,000 psychological level.<\/li>\n\n\n\n<li><strong>Gold futures drop 1%:<\/strong> To $4,109.50 per ounce.<\/li>\n\n\n\n<li><strong>Five losses in six sessions:<\/strong> Bullion is now suffering through three straight weekly declines.<\/li>\n\n\n\n<li><strong>Dollar hits fresh 13-month high:<\/strong> The DXY climbed to another new peak as rate hike bets intensify.<\/li>\n\n\n\n<li><strong>September hike at 70%:<\/strong> Markets are pricing a roughly 70% probability of Fed tightening by September.<\/li>\n\n\n\n<li><strong>December hike fully priced:<\/strong> A second increase by year-end is now completely priced in by markets.<\/li>\n\n\n\n<li><strong>Middle East supply fears ease:<\/strong> Ongoing U.S.-Iran diplomatic progress and Hormuz normalization continue to reduce the energy-driven inflation premium in gold.<\/li>\n\n\n\n<li><strong>Key sticking points remain:<\/strong> Nuclear inspections and access to frozen Iranian funds are unresolved issues in the peace framework.<\/li>\n\n\n\n<li><strong>Analysts&#8217; verdict:<\/strong> &#8220;Gold is likely to trade in line with Fed expectations, leaving prices vulnerable to higher yields and a stronger dollar in the near term.&#8221;<\/li>\n\n\n\n<li><strong>PCE data Thursday:<\/strong> The Fed&#8217;s preferred inflation gauge is the week&#8217;s pivotal release for rate path expectations.<\/li>\n\n\n\n<li><strong>Silver rebounds modestly:<\/strong> Spot silver edged up 0.5% to $61.92 per ounce after Tuesday&#8217;s 5%+ crash.<\/li>\n\n\n\n<li><strong>Platinum flat:<\/strong> At $1,653.88 per ounce.<\/li>\n\n\n\n<li><strong>Copper edges higher:<\/strong> LME copper gained 0.4% to $13,433.88 per ton; U.S. copper futures rose 0.3%.<\/li>\n<\/ul>\n\n\n\n<p>Gold prices extended losses on Wednesday, reaching near two-week lows and testing the psychologically important $4,000-per-ounce level, as a stronger U.S. dollar and rising expectations of Federal Reserve rate hikes reduced the appeal of the non-yielding metal.<\/p>\n\n\n\n<p>Spot gold fell 0.5% to $4,090.72 an ounce by 02:41 ET (06:41 GMT), after reaching as low as $4,050.60 in early trade. U.S. gold futures dropped 1% to $4,109.50.<\/p>\n\n\n\n<p>Bullion has now declined in five out of the last six sessions and is coming off three straight weekly losses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Dollar at 13-Month High as Rate Bets Accelerate<\/h2>\n\n\n\n<p>The DXY climbed to a fresh 13-month high on Wednesday as markets increased bets that the Fed could raise interest rates as soon as July \u2014 and again later this year. A stronger dollar makes gold more expensive for holders of other currencies, while higher interest rates increase the opportunity cost of holding bullion.<\/p>\n\n\n\n<p>Traders now see a substantially higher probability of Fed tightening in the coming months following last week&#8217;s policy meeting and hawkish commentary from officials.<\/p>\n\n\n\n<p>Markets are pricing in a roughly 70% probability of a hike by September and have fully priced in another increase by December.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Iran Progress Eases Inflation Safe-Haven Case<\/h2>\n\n\n\n<p>Gold also came under pressure as concerns over Middle East supply disruptions continued to ease.<\/p>\n\n\n\n<p>Investors monitored ongoing U.S.-Iran diplomatic efforts after both sides signaled progress toward implementing a broader peace framework that would help normalize energy flows through the Strait of Hormuz.<\/p>\n\n\n\n<p>However, uncertainty remained over key issues, including nuclear inspections and access to frozen Iranian funds.<\/p>\n\n\n\n<p>&#8220;While geopolitical risks remain elevated, gold is likely to trade in line with Fed expectations, leaving prices vulnerable to higher yields and a stronger dollar in the near term,&#8221; analysts said.<\/p>\n\n\n\n<p>Market participants are now awaiting U.S. Personal Consumption Expenditures inflation data due on Thursday for further clues on the Fed&#8217;s policy path.<\/p>\n\n\n\n<p>Among other precious metals, silver prices edged up 0.5% to $61.92 per ounce after declining more than 5% in the previous session. Platinum traded flat at $1,653.88 per ounce.<\/p>\n\n\n\n<p>Benchmark copper futures on the London Metal Exchange edged up 0.4% to $13,433.88 a ton, while U.S. copper futures gained 0.3% to $6.14 a pound.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Gold extends losing streak: Spot gold fell 0.5% to $4,090.72 per ounce after touching as low as $4,050.60 \u2014 approaching the critical $4,000 psychological level. Gold futures drop 1%: To $4,109.50 per ounce. Five losses in six sessions: Bullion is now suffering through three straight weekly declines. Dollar hits fresh 13-month high: The &hellip;<\/p>\n","protected":false},"author":9,"featured_media":128768,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,37,36],"tags":[],"class_list":["post-128862","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-forex-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/128862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=128862"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/128862\/revisions"}],"predecessor-version":[{"id":128863,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/128862\/revisions\/128863"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/128768"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=128862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=128862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=128862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}