Due to concerns over interest rate hikes, gold prices have fallen back below $40,000

Odaily reported that gold prices have slipped back below $4,000 per ounce ahead of a speech by Federal Reserve Chair Powell at the European Central Bank forum in Portugal. Analysts at Saxo Bank stated: "The market has yet to attract sufficient buying interest to establish this level as a support." They also noted: "Although energy prices have eased recently, investors still anticipate that the Federal Reserve may further tighten monetary policy in response to a rebound in inflation. As a result, gold prices fell 14% in the second quarter, marking the worst quarterly performance since 2013." (Jinshi)