Gold prices are under pressure, affected by the strengthening of the US dollar and concerns about interest rate hikes.

With the strengthening of the US dollar and increasing expectations of interest rate hikes this year weighing on market sentiment, the price of gold fell, continuing the downward trend from the previous trading day. Analysts at Shengbao Bank stated: "The drop in energy prices has eased concerns about inflation, and the continuously rising US Treasuries provide limited support." At the same time, "the abnormally strong positive correlation between gold and the S&P 500 index continues to drag down prices, pushing the metal into a key support range of $4,000-4,100." In early trading in the European market, New York futures gold fell by 1.2% to $4,098.70 per ounce. Meanwhile, the US dollar index rose by 0.1% to 101.55, making commodities priced in US dollars more expensive for overseas buyers.