Gold falls 0.7% weekly amid US rate hike bets
The price of gold declined by 0.7% during the week amid escalating expectations of an interest rate hike by the U.S. Federal Reserve, following higher-than-expected inflation data. U.S. gold futures increased by 0.3% at settlement, despite price fluctuations in the spot market, where it is now expected that the Federal Reserve will keep interest rates unchanged at its October meeting, with a 90% probability of a rate hike in December. The rising inflation boosts gold's appeal as a safe haven, but higher interest rates reduce demand for the non-yielding metal, amid growing concerns over the impact of monetary tightening policies on the market. Other precious metals, such as silver and palladium, experienced similar weekly losses.
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