Gold Set for Fourth Consecutive Weekly Decline, Extends Correction Toward $3,400: Analyst

According to Jin10 data, gold is poised to record its fourth consecutive weekly decline as of June 26, trading near $4,000 per ounce amid a stronger U.S. dollar and market expectations for accelerated Federal Reserve rate hikes to combat inflation. OANDA senior market analyst Kelvin Wong attributed the recent decline to the Fed's rapid hawkish repricing, which has created strong bullish momentum for the dollar.

Since hitting a record high of $5,594.82 per ounce on January 29, gold has declined approximately 29%, according to the data. Analysts suggest the months-long correction from the January peak may extend further toward $3,400 in the longer term. U.S. May PCE data released yesterday topped April readings, with the annual PCE price index surpassing 4%.