All eyes on gold’s long-term support as markets see growing chance Fed will raise interest rates by 1% next week

Gold dropped more than 1% to retest support at $1,700 an ounce following the hotter-than-expected CPI numbers Tuesday. Analysts note that rising interest rate expectations could signal further weakness for gold. The growing hawkish expectations do not bode well for gold as it hovers above critical long-term support level. December gold futures remain under pressure, last trading at.1,712.50 an ounce, down 0.28% on the day. Some analysts have said that there are other factors that could come into play to support prices.

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