U.S. rate hikes trigger gold decline

Gold prices dropped by more than 1% today due to rising oil prices and expectations of a US interest rate hike. Spot gold traded at $4,223.95 per ounce, while futures declined to $4,257.90. Concerns over inflation and energy costs are troubling investors. The Federal Reserve’s increasing likelihood of raising interest rates further raises the cost of holding non-yielding gold, amidst expectations of higher demand for bonds and the upcoming US economic data. Other precious metals experienced similar declines, even as oil prices remained elevated by 2%, fueling inflationary pressures and impacting the gold market.

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