Central banks raise rates as gold hits new lows and investors remain bullish on US rates.

Gold prices have fallen below recent lows due to multiple central banks worldwide raising their benchmark interest rates to combat inflationary pressures, with the Federal Reserve leading the way. The Bank of England raised its benchmark rate to 5%, and central banks in Norway, Switzerland, and Turkey also enacted rate hikes. The Federal Reserve plans to implement two more rate hikes before the end of the year, taking the Fed's benchmark Fed funds rate to a range of 5 ½% to 5 ¾%. Gold futures traded to a low of $1922, a decline of 1.08% or $21.