Precious Metals Preview: Rate hike fears push COMEX gold to its lowest level of 2026 so far

COMEX gold futures were pushed lower on Wednesday to its lowest level recorded in 2026 so far, driven by a firm dollar on hawkish Federal stance. The dollar index hovered around 101.24 this morning, trading at its highest level in more than a year as expectations for Federal Reserve rate hikes this year remained strong. An unexpectedly hawkish Fed meeting chaired by Kevin Warsh last week boosted expectations for a year-end interest rate hike, contributing to downside in the yellow metal. Markets are also looking ahead to this week?s PCE inflation report, the Fed?s preferred inflation gauge, for additional clues on the outlook for monetary policy. Currently, the counter is quoting at $4072.40 an ounce, down almost2% on the day. Meanwhile, silver futures are tumbling by more than 1% at $61.23.

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