Gold prices extended their decline due to concerns about rate hikes.

With the lack of progress in US-Iran negotiations intensifying concerns about inflation and expectations of a rate hike, the price of gold continued its downward trend from the previous trading day. In early European trading, New York futures gold fell by 0.6% to $4,485.90 per ounce. Soojin Kim of Mitsubishi UFJ said, "Rising energy prices related to the Iran conflict have led to widespread selling in global bond markets, pushing up the yields of US 30-year Treasury bonds to levels last seen during the 2007 financial crisis." "Since the conflict began, the price of gold has now fallen by about 15%." Traders are currently awaiting the release of the minutes from the April meeting of the Federal Reserve scheduled for later on Wednesday in search of more clues about the interest rate path.