The trend is clearly trending higher, fluctuating between $1,876 and $1,956 per ounce, according to the one-day and one-week charts.
The Fed has been committed to raising interest rates, with the current rate of 4.75 percent set on February 1. As a result, the dollar has remained strong since the start of 2023. At the upcoming Fed meeting on March 21, it is anticipated that a definite 0.25 basis point would be introduced.
According to Samnang, “traders holding dollars have greater confidence from such strong rates to sell the greenback at profit and invest in gold.” Additionally, interest rates are high and are predicted to grow further.