Gold dips as inflation concerns rise

Gold prices declined as inflation concerns resurfaced and investors awaited the U.S. Federal Reserve's decision on interest rate hikes during this week's meeting. A rise in oil prices by over 2% following attacks on facilities in the region intensified fears of inflationary pressures, putting downward pressure on gold, which is used as a hedge against inflation. Markets currently estimate about an 86.5% probability that the Fed will raise interest rates at the meeting, which increases the cost of holding gold and is associated with expectations of its short-term performance decline.

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