Gold price is selling. Get our daily forecast here:
However, the main concern is that the US central bank may raise the federal funds rate to 7% to ensure that inflation is defeated. Right now, according to the Fed's dot-plot, the maximum policy rate for the Eccles Building will be 5%. According to the CME FedWatch Tool, most investors expect the Fed to raise interest rates by only 50 basis points at the FOMC meeting next month.
The US Dollar Index , which tracks the greenback's performance against a basket of major currencies, rose to 106.98, from an opening of 106.69.
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