Gold Dips 29% From Peak as Dollar Strength and Fed Bets Rise

Gold has corrected about 29% from its January all-time high of $5,589/oz, pressured by a stronger U.S. dollar and expectations of multiple Fed rate hikes as inflation resurges. The metal briefly slipped below $4,000 in late June, finding short-term support near $3,960–$3,970 before bouncing to about $4,050. Banks remain optimistic on gold’s longer-term outlook, citing ongoing central-bank buying and concerns over fiat currency debasement, with year-end targets cited up to $6,300.