The gold price has risen above $4,100 per ounce, but the Federal Reserve's hawkish stance is dampening the outlook.

BlockBeats News, July 9th, the gold price rebounded above $4,100/oz after experiencing a sell-off on Wednesday. This round of rebound was supported by the weakening US dollar and the reignition of Middle East geopolitical tensions after the US and Iran once again clashed on Wednesday. However, the rise in energy prices may complicate the inflation outlook, reinforcing the market's expectations that the Fed will maintain high interest rates for a longer period or even raise them further.

The minutes of the Fed's mid-June policy meeting highlighted a hawkish turn within the committee, putting pressure on precious metals. Thomas Ryan, a senior economist at Capital Economics, said: "The minutes of the meeting reiterated that the door to a rate hike in September remains wide open." (FXStreet)