Gold Price Drops: Fed and Trump Developments Take Effect

Recent developments in the gold market have led to pressure due to concerns over the Fed's potential interest rate hike and diplomatic traffic between the US and Iran.Gram gold followed a buying-heavy trend parallel to the limited increase in ounce prices yesterday and completed the day with a 0.61% increase to 6,205 lira.Newly started gram gold is trading at 6,169 lira, down 0.6% from the previous close, as of 09:45. At the same time, quarter gold is being sold for 10,155 lira, and Republic gold for 40,305 lira. Gold is currently trading at $4,049, down 0.7% today.Gold fell below $4,050 per ounce, giving back its previous session gains due to ongoing concerns that the Fed may raise interest rates this week. Markets are currently pricing in a more than one-third chance of a Fed rate hike on Wednesday.