Gold prices are under pressure from bearish market sentiment. Factors contributing to this downward trend include expectations of a Federal Reserve interest rate hike and inflation driven by oil prices.

These factors are weighing on gold, allowing bears to maintain control of the market. The interplay between Fed hike bets and oil-driven inflation is a key factor in the current gold market dynamics.

Further details on the current state of the gold market and the impact of these factors can be found through FXStreet.