The United States Dollar (USD) has clung to its previous gains during the Asian session on Friday. This comes as rising oil prices, due to intensified energy supply risks in the Middle East, have rekindled expectations that the Federal Reserve (Fed) might raise interest rates.
Impact on the Gold Market
Gold prices often move inversely to the US dollar. As the dollar strengthens, gold can become more expensive for investors. Consequently, expectations of Fed rate hikes can exert downward pressure on gold prices.
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