<p>Gold hit its lowest level in nearly four weeks on Monday, as expectations of more interest rate hikes by the US Federal Reserve fuelled a rally in dollar and took shine off bullion. Spot gold fell 0.8 per cent to $1,733.90 per ounce by 0858 GMT, its lowest since July 27.</p>.<p>It is set to fall for a sixth straight session, having registered a 3 per cent fall last week. US gold futures dropped 0.9 per cent to $1,747.10. "Precious metals are wilting as the scorching US dollar continues its quest to return to recent heights, as markets restore their bets for an ultra-hawkish Fed," said Han Tan, chief market analyst at Exinity.</p>.<p>Monetary policy clues from the upcoming annual global central banking conference would likely dictate gold's next move, and prices could be dragged closer to $1,700 if the Fed remains firm on conquering the inflation scourge with more supersized rate hikes, Tan added.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/economy-business/rupee-inches-towards-record-low-on-yuan-weakness-1138209.html" target="_blank">Rupee inches towards record low on yuan weakness</a></strong></p>.<p>Central bankers would gather this week at their annual retreat in Jackson Hole, Wyoming, and comments from Fed Chair Jerome Powell on Friday will be keenly watched.</p>.<p>A cumulative 225 basis points of hikes since March and with more to come have brought a recession closer, according to economists in a Reuters poll, who expect a 50 basis point increase in September. From a technical point of view, the next key levels to monitor are placed at $1,720 and $1,680, said Carlo Alberto De Casa, external analyst for Kinesis Money.</p>.<p>Yields on the US 10-year treasuries recovered, increasing pressure on gold, he added. Gold is highly sensitive to rising US interest rates, as these increase the opportunity cost of holding non-yielding bullion.</p>.<p>The dollar index rose 0.2 per cent making gold more expensive for buyers holding other currencies. Elsewhere, spot silver shed 0.5 per cent to $18.93 per ounce, platinum slipped 1.4 per cent to $883.13 and palladium fell 1.9 per cent to $2,083.33.</p>
<p>Gold hit its lowest level in nearly four weeks on Monday, as expectations of more interest rate hikes by the US Federal Reserve fuelled a rally in dollar and took shine off bullion. Spot gold fell 0.8 per cent to $1,733.90 per ounce by 0858 GMT, its lowest since July 27.</p>.<p>It is set to fall for a sixth straight session, having registered a 3 per cent fall last week. US gold futures dropped 0.9 per cent to $1,747.10. "Precious metals are wilting as the scorching US dollar continues its quest to return to recent heights, as markets restore their bets for an ultra-hawkish Fed," said Han Tan, chief market analyst at Exinity.</p>.<p>Monetary policy clues from the upcoming annual global central banking conference would likely dictate gold's next move, and prices could be dragged closer to $1,700 if the Fed remains firm on conquering the inflation scourge with more supersized rate hikes, Tan added.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/economy-business/rupee-inches-towards-record-low-on-yuan-weakness-1138209.html" target="_blank">Rupee inches towards record low on yuan weakness</a></strong></p>.<p>Central bankers would gather this week at their annual retreat in Jackson Hole, Wyoming, and comments from Fed Chair Jerome Powell on Friday will be keenly watched.</p>.<p>A cumulative 225 basis points of hikes since March and with more to come have brought a recession closer, according to economists in a Reuters poll, who expect a 50 basis point increase in September. From a technical point of view, the next key levels to monitor are placed at $1,720 and $1,680, said Carlo Alberto De Casa, external analyst for Kinesis Money.</p>.<p>Yields on the US 10-year treasuries recovered, increasing pressure on gold, he added. Gold is highly sensitive to rising US interest rates, as these increase the opportunity cost of holding non-yielding bullion.</p>.<p>The dollar index rose 0.2 per cent making gold more expensive for buyers holding other currencies. Elsewhere, spot silver shed 0.5 per cent to $18.93 per ounce, platinum slipped 1.4 per cent to $883.13 and palladium fell 1.9 per cent to $2,083.33.</p>