Gold extends losses to one-week low as dollar rallies on Fed hike bets

Gold prices fell to a one-week low as the US dollar strengthened, with the decline attributed to growing market expectations that the Federal Reserve will raise interest rates. The primary transmission channel is the real rate differential: higher expected policy rates lift US real yields, increasing the opportunity cost of holding non-yielding bullion, while a firmer dollar makes gold more expensive for holders of other currencies, dampening international demand. Gold is the most directly exposed asset, given its sensitivity to real yields, while the dollar benefits from the repricing of relative rate paths against other major central banks. Traders will focus on the next US consumer price index release, since an upside inflation surprise would strengthen hike expectations further and could extend pressure on gold.

The US Dollar (USD) is the world's primary reserve currency and the base for most forex majors. Headlines about Federal Reserve policy, US macro data (CPI, NFP, GDP), and Treasury yield shifts typically drive USD pair direction within seconds of release.

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