Gold Prices Close Near $4,429 Amid Rate Hike Expectations

Gold prices closed near $4,429 last week. Strong U.S. economic data increased expectations for a September interest rate hike. This development put pressure on the precious metal.

Rising U.S. Treasury yields also weighed on gold. Higher yields can make non-yielding assets like gold less appealing to investors.

Elevated oil prices present another factor. These rising costs could keep inflation higher. This situation might prompt the Federal Reserve to maintain its tight monetary policy.

Traders now await key inflation data. Upcoming Consumer Price Index (CPI) and Producer Price Index (PPI) reports will likely influence gold’s next price moves.