Gold Weakens Near $4,500 as Fed Keeps Rate-Hike Door Open

Spot gold remains pinned near multi-week lows around $4,480–$4,500 as of May 22, pressured by a stronger dollar and rising expectations for Federal Reserve rate hikes by year-end. After peaking near $4,707 on May 14, the metal slid sharply following hotter-than-expected PPI data and an Empire State Manufacturing Survey surge to 19.6, pushing 10-year Treasury yields to 4.628%. Brief rebounds on Iran peace-talk optimism were repeatedly offset by higher-for-longer rate signals and firmer yields, leaving bullion trapped in a bearish consolidation and vulnerable to further technical selling.