Gold prices face decline amid hawkish Fed stance and lower treasury yields.

The gold market took a hit after central banks around the world joined Federal Reserve Chair Jerome Powell's hawkish stance on two more rate hikes this year. The Bank of England raised its main interest rate to 5%, the largest hike since February, while Norway's central bank hiked by 50 basis points, raising its rate to a 15-year high of 3.75%. The Swiss National Bank also raised its rate to 1.75% from 1.5% and Turkey's central bank hiked its key rate by 650 basis points to 15%. More rate hikes from central banks are weighing on the global growth outlook, which could make the U.S. dollar a more attractive safe-haven versus gold.