The initial drop in the Gold price is not due to the rate...

The initial drop in the Gold price is not due to the rate increases but a Strengthening US Dollar.
The Rate increases are the catalyst for a strengthening US Dollar.
The US Dollar is the Worlds Most Popular Safe Haven.
The 2 greatest concerns are Record Sovereign Debt and 40 Year High Inflation.
There is now talk of up to 7 Rate increases starting March with Rates to Stabilising at 2.75 - 3%
When Markets Tank the appeal of the US Dollar as a Safe Haven will also end IMO
A World Wide Recession would not shock a lot of Economists.
2 consecutive quarters of negative growth is highly likely when all the money printing ends.
The Gold Price then becomes the obvious beneficiary from money shifting from the US Dollar
and Equity Markets. This Scenario is why a Gold price of $2,200 by Years End is being mentioned.