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Gold price slips sharply below $1,970.00

Gold price has failed in defending its immediate support of $1,970.00 in the Asian session. The precious metal has dropped firmly as the Federal Reserve (Fed) policymakers are confident that more interest rate hikes by the central bank are in the pipeline in the fight against stubborn United States inflation.

S&P500 futures have added more gains in the Asian session, portraying a strong recovery in the risk appetite. It seems that investors are confident that US President Joe Biden will get the US debt-ceiling increase ahead. However, Monday’s meeting between US Biden and House of Representatives Kevin McCarthy concluded without an agreement but remained constructive at best.

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