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Saxo: Gold price falls back below $4,000 as rate hike concerns weigh.

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Jinse Finance reports that on July 1, gold prices fell back below $4,000 per ounce ahead of a speech by Federal Reserve Chairman Kevin Warsh at the ECB forum in Portugal. Analysts at Saxo Bank said, "The market has not yet attracted enough buying interest to establish that level as support." They also stated, "Gold fell 14% in the second quarter, its worst quarterly performance since 2013, as investors continue to price in expectations that the Fed may tighten policy further due to rising inflation, despite the recent pullback in energy prices." During early European trading, New York gold futures slid 1.6% to $3,974 per ounce. Meanwhile, the U.S. dollar index rose 0.2% to 101.37, making dollar-denominated commodities more expensive for overseas buyers.
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