The gold price is under further pressure in today’s trading session as investors ponder the chances of another rate hike from the US Federal Reserve after the release of bumper GDP numbers from the US.

Most analysts had been expecting a figure of around 1.9% but the final figure that hit the market was 2.6% and that has now firmly put the chances of another rate hike from the Fed a real possibility.

Gold had benefited immensely over the last month as investors exited the US dollar in favor of the precious metal after believing the Fed was done with raising rates which meant the Greenback had lost its appeal as a yield bearing asset.

If the belief of higher rates starts to gather some real momentum the price of gold is likely to pull back even further.

According to some analysts, if we look at the gold price over the last several years, it has failed to move much past the current price and it is going to take some big news such as a concrete trade deal between the US and China or a firm commitment by the Fed that further rate hikes are off the table before gold finally make a significant move higher.

“Prices have run up to the top end of the trading range they have held for the past five years,” says Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

“Without further easing in financial conditions, ramping inflation or stock market volatility, gold prices are likely to struggle at the top end of this five-year trading range,” he says.