While gold and silver enjoy a reputation as inflation hedges, soaring energy prices and positive employment data have put higher than previously expected pressure on central banks to raise interest rates, thus hindering gold's ability to climb. With the market now anticipating the possibility of about 3 rate hikes next year, making investors generally believe that the Fed may become more hawkish, the potential impact could provide an additional catalyst for price action that would next push gold out of the $1770-1795 price range.
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