Gold dips as inflation fears grow
Gold prices in the spot market declined by 0.55% to around $4,324 per ounce, driven by rising oil prices that heightened inflation fears. This has led investors to increase their expectations of interest rate hikes by the Federal Reserve at its upcoming meeting this week. Additionally, U.S. gold futures fell by 1.07% to approximately $4,362 per ounce. The surge in oil prices by over 2% was due to new attacks by the Houthis on Saudi Arabia and Iranian assaults on Gulf ships. Meanwhile, the likelihood of interest rate hikes increased to 86% following recent inflation data showing a faster rise in consumer prices in the United States. Despite these developments, Goldman Sachs forecasts that gold could reach $4,900 per ounce by the end of 2026, though price volatility is expected to persist. Other precious metals, such as silver, platinum, and palladium, also declined to varying degrees.
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