Gold has dropped to $1,620. Growing rate hike expectations are set to continue weighing on the yellow metal, economists at Commerzbank report.

Gold demand is disappointing

“The ongoing outflows from the gold ETFs – September was already the fifth month in a row to register ETF outflows – point to weak investment demand.”

“No reversal of sentiment can be expected on the gold market for as long as there is no end in sight to the aggressive rate hikes.”

See – Gold Price Forecast: XAU/USD to remain under pressure as yields and dollar keep rallying – ANZ