CoinWorld News: Gold is set to record a fourth consecutive week of weekly decline, as the U.S. dollar remains firm and market expectations grow that the Federal Reserve will accelerate interest rate hikes to curb inflation. Gold is under pressure around $4,000 per ounce. Kelvin Wong, a senior market analyst at OANDA, said the rapid repricing of the Fed’s hawkish shift has created strong bullish momentum for the U.S. dollar, ultimately leading to this significant drop in gold prices. Since hitting a historical high at the end of January, this multi-month pullback in gold may, in the long run, extend further to $3,400. Since the record high of $5,594.82 per ounce on January 29, gold has fallen by about 29% in total, as inflation worsened due to the U.S.-Iran war, intensifying market expectations for rate hikes. In addition, yesterday’s U.S. May PCE data rose from April, with the annual PCE price index breaking above 4%.