Gold prices dip under $2,400 as rate cut bets dwindle

Investing.com-- Gold prices fell slightly in Asian trade on Wednesday as hawkish-leaning comments from top Federal Reserve officials buoyed the dollar and Treasury yields, which pressured the yellow metal.

Gold prices raced to record highs last week as Iran launched a strike against Israel, with markets now watching for a response from Jerusalem, which some reports said was imminent.expiring in June fell 0.4% to $3,398.70 an ounce by 00:21 ET . Spot gold hit record highs above $2,400 an ounce on Friday.Gold prices were pulled off record highs this week as strong U.S. inflation and retail sales data saw traders scale back bets that the Fed will cut interest rates in June.

Traders were now pricing in a nearly 80% chance the Fed will keep rates steady in June- a stark reversal from earlier bets for a 25 basis point cut, according to theThe prospect of higher-for-longer interest rates bodes poorly for gold, given that the yellow metal offers no direct yield. This notion may limit further gains in gold, especially with the yellow metal already sitting well within overbought territory.

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