The price of gold in the global market declined due to the strengthening of the US dollar. The US Dollar Index, which measures the fluctuation of the US currency against six major currencies, increased by 0.23% to reach 101 points.
Investors are eagerly anticipating the upcoming Federal Reserve meeting, while analysts are keen to hear from Fed Chairman Jerome Powell after the expected 25 basis point increase next week.
If the Fed continues to tighten its monetary policy and favorable economic data is released next week, it is likely that the price of gold will experience a significant drop. Prior to the Fed's decision, gold is expected to remain within the range of $1,940 to $1,980 per ounce.