Prices came under pressure as a result of rising US interest rate expectations sparked by remarks by Fed Chair Powell that were interpreted as hawkish, despite the fact that they were not really anything more than a repetition of comments made the previous day and during last week’s Fed press conference. Apparently, this strengthened the impression that the Fed is indeed serious about further rate hikes.

The uncertainty surrounding the Fed’s future policy is likely to keep prices in check. The figures for Chinese Gold imports from Hong Kong, which are due to be published next week, are hardly likely to change this, especially given that Swiss gold exports in June pointed more to muted demand in China.