Gold Forecast: Bears retain control as Fed rate hike bets lift USD

Federal Reserve rate-hike expectations after a hawkish tone at last week’s meeting; traders assign a 70% probability of a 25 bps hike at the September meeting and see a possible second hike in December, lifting the US Dollar Index (DXY) to a fresh high since May 2025 Perigon signal context: impact negative, driver macroeconomic.