Gold is at the lowest level in 4 weeks, amid the growing bets on rising interest rates

Gold prices fell Monday, to a four-week low, as bets on the Federal Reserve’s bias to tighten monetary policy strengthened dollar strength and dampened demand for bullion.

And the spot gold price fell 0.7% to $ 1916.41 an ounce, after hitting its lowest since March 29 at $ 1914.58.

And US gold futures fell 0.9% to $ 1917.40 an ounce.

Amid expectations of a half percentage point rate hike at the Fed meeting in May, traders bet on Friday that the US central bank will raise interest rates further in the coming months.

The dollar stabilized near its two-year high, making gold public in US dollars more expensive for holders of other currencies.

As for other precious metals, spot silver was down 1.7% to $ 23.73 an ounce, the largest drop in the past two months.

Platinum fell 0.8% to $ 923 an ounce, the lowest level since mid-December, and palladium fell 3.1% to $ 2,302.19.

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