Gold futures bore the brunt of the shifting sentiment, sliding 0.4% to $4291.60 per troy ounce. The precious metal now hovers dangerously close to bear-market territory, currently sitting 19% below the peak prices reached in January.

Market participants anticipate that a rate hike will further bolster the national currency, creating a challenging environment for raw materials. As the dollar strengthens, the cost of these commodities rises for holders of foreign currencies, prompting a swift sell-off across the sector.