The focus is on the current interest rate decision of the Federal Reserve Bank. It is expected that the U.S. Federal Reserve will raise its key interest rate on Wednesday by 50 basis points to a range of then 0.75 percent to 1.00 percent due to high inflationary pressure. The Federal Open Market Committee (FOMC) will begin its two-day interest rate meeting on Tuesday and announce its decision on Wednesday. More significant rate hikes are likely to come later this year.

Gold has started the new trading week weaker and has so far traded at a low of 1,882.10 U.S. dollars per troy ounce. A stronger U.S. dollar, which remains close to its 20-year high reached on April 28, 2022, and yields on ten-year U.S. government bonds, which remain close to a three-year high, are weighing on the interest-free precious metal.