Affected by rate hike concerns, gold prices fell back below $40,000

Odaily Planet Daily News: Ahead of a speech by Federal Reserve Chair Warsh 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 recently retreated, investors still expect the Federal Reserve may further tighten monetary policy to counter a rebound in inflation. As a result, gold prices fell by 14% in the second quarter, marking their worst quarterly performance since 2013." (Jinshi)