According to FedWatch Tool, the probability of a rate hike at the next meeting in October has increased to 70.3%. Traders expect that the federal funds rate would be raised by 100 bps by the end of 2027. Expectations of a series of rate hikes put significant pressure on gold that pays no interest.U.S. dollar gained some ground against a broad basket of currencies as forex traders focused on developments in debt market. Stronger dollar put additional pressure on gold in today’s trading session.I’d note that ...