Analyst: Interest rate hike expectations pressure gold prices, expected to close lower this week

Analyst Giulia Petroni pointed out that due to the surge in oil prices, rising bond yields, and increasing expectations of interest rate hikes, gold prices are expected to drop more than 2% this week. New York gold futures prices once fell by 0.5%, to $4,383.9 per ounce.

The market is closely watching the Consumer Price Index (CPI) data to be released on Friday. Traders expect a 67% probability of the Federal Reserve raising interest rates next week.