Gold Price Forecast: Rate hike speculations weigh on XAU/USD – Commerzbank

Gold is trading at $1,650, only somewhat above the low it posted on Friday. The yellow metal is set to remain under pressure as central banks are unlikely to stop hiking, strategists at Commerzbank report. 

Platinum holding its own fairly well thanks to robust car sales 

“The relative weakness of gold is probably attributable to the still high and virtually unchanged rate hike expectations, which have been fuelled by persistently hawkish comments by Fed and ECB representatives.”

“Platinum has been performing significantly better than gold recently. Platinum may be benefiting from the fact that passenger car sales figures in the EU have been picking up of late.”