Gold prices drop on hawkish Fed stance and US economic data.

Gold prices have experienced a significant decline due to a shift in market sentiment, with futures trading at a low of $1954.40, revealing a shift from bullish to bearish sentiment. This pivot is due to comments by Federal Reserve officials indicating a more hawkish monetary policy than previously believed, combined with recent solid economic data revealing a robust US economy. The probability that the Federal Reserve may even raise rates by ¼% has risen from 10.7% last week to 41.4% today, which has been highly supportive of the dollar, taking gold prices lower.