Gold Drops Below $1,700 An Ounce, Lowest Level In Over A Year Amid Anticipated Interest Rate Hike.

The price of gold declined in London, reaching its lowest level in over a year. As investors anticipated interest rate increases by major central banks to tame the growing inflation.

As investors continue to cut their exposure to the industry ahead of the central bank meeting; the price of the precious metal fell below $1,700/oz. The Nord Stream pipeline’s restart after a 10-day maintenance stoppage is another item on investors’ attention.

As of the time this post was being written, gold futures were down 0.7%, trading at $1,689 per ounce.

-NAIRAMETRICS.