Gold prices drop as Federal Reserve hints at potential interest rate hikes

Gold prices have dropped to session lows as the Federal Reserve's minutes indicate that it may not be finished raising interest rates, citing elevated inflation pressures. The minutes show a slight tightening bias and emphasize the need for a sufficiently restrictive monetary policy to achieve the Committee's 2% inflation target. While economic risks are seen as becoming more balanced, uncertainty remains elevated. Some committee members recommended leaving interest rates unchanged in July, but dissent within the ranks is growing. Despite expectations that July would be the last interest rate hike, it wouldn't be surprising if the Federal Reserve raised rates one more time in this tightening cycle.