Gold Dips 2.6% as Strong Dollar Gains Momentum: Fed Minutes in Focus

Gold prices have fallen 2.6% from their recent peak, with bullion trading at $2,615 per ounce, marking a six-day losing streak.

The U.S. dollar has gained strength in the forex market, as investor confidence in global equities rises and Middle East tensions ease.

The likelihood of a significant interest rate cut has also diminished, following strong U.S. Nonfarm payroll data.

The Federal Reserve’s meeting minutes, expected today, could further impact gold prices, while inflation data tomorrow will be closely watched to assess whether consumer prices are aligning with the Fed's 2% target.