Due to interest rate hike concerns, gold prices fell back below $40,000

Odaily reported that ahead of a speech by Federal Reserve Chairman Waller at the European Central Bank forum in Portugal, gold prices fell back below $4,000 per ounce. Analysts at Saxo Bank said, "The market has not yet attracted enough buying interest to establish this level as a support level." They also noted, "Although energy prices have pulled back recently, investors still expect the Federal Reserve to potentially tighten monetary policy further to counter the rebound in inflation. As a result, gold prices fell by 14% in the second quarter, marking the worst quarterly performance since 2013." (Jinshi)