Precious metals suffer losses as rate hike expectations weigh on market sentiment.

Gold prices are struggling to stay above $1,950 an ounce, with bearish sentiment among both Wall Street analysts and Main Street retail investors. Some analysts predict that support could be tested around $1,900 an ounce. However, some analysts suggest that now is the time to buy gold and silver as a hedge against a potential downturn in equity markets and the growing threat of a recession. Rising interest rates have made bonds more attractive than gold, but the hawkish bias continues to pose risks for global financial markets.