Gold prices fell below the key $4,000-per-ounce level on Wednesday for the first time since November 2025, pressured by a stronger US dollar and expectations that interest rates will remain elevated.

Axar.az reports, citing Reuters, the dollar’s gains made gold more expensive for holders of other currencies, while traders increased bets on further US rate hikes following a hawkish signal from the Federal Reserve.

“The market pricing a rate hike as soon as September due to a hawkish Fed, a surging dollar at 13-month highs combined with lower inflation expectations are putting heavy pressure on precious metals,” metals trader Tai Wong said.

Gold, which reached a record high of $5,594.82 per ounce in January, has since lost more than $1,500. Analysts expect continued consolidation, though support remains from ongoing central bank purchases.