Gold Dropped As An Expected U.S. Interest Rate Hike

Gold trading range for the day is 27913-28361. Gold dropped as an expected U.S. interest rate hike boosted the dollar and weighed on the precious metal, but political risks in Europe provided safe-haven support.

Signs of an uptick in inflation and continued strength in the U.S. jobs market are expected to convince the Fed to hike rates when the meeting concludes on Wednesday.

U.S. producer prices increased more than expected in February as the cost of services pushed higher and the year-on-year gain was the largest in nearly five years.

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