Gold dips to three-week lows

Gold prices fell today, Wednesday, to their lowest level in over three weeks, influenced by rising oil prices and increasing chances of an interest rate hike in the United States following the escalation of tensions between Washington and Tehran. This situation heightened fears of inflation and dampened investor appetite for the yellow metal. The spot gold price decreased by 0.4% to $1,311.83 an ounce, while futures contracts declined by 0.9% to $1,358.24, amid rising Brent crude oil prices above $95 per barrel and expectations of about a 70% probability of a rate hike at the Federal Reserve meeting on September 15-16. The decline followed nearly a 10% gain in August, driven by rising bond yields, a strong dollar, and the breaking of the 200-day moving average.

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