Sheng Bao: Gold price falls below $40,000, influenced by concerns about interest rate hikes.

Before Federal Reserve Chairman Kevin Walsh's speech at the European Central Bank forum in Portugal, the price of gold dropped below $4,000 per ounce. Analysts at Citibank stated, "The market has not attracted enough buying interest to establish this level as support." They also said, "Gold fell 14% in the second quarter, its worst quarterly performance since 2013, as investors continue to reflect the risk of the Fed further tightening policy due to rising inflation, despite recent declines in energy prices." In early European market trading, New York gold futures fell 1.6% to $3,974 per ounce. Meanwhile, the dollar index rose 0.2% to 101.37, making bulk commodities priced in dollars more expensive for foreign buyers.