Gold declines 1.8% amid US rate hike fears

Gold prices fell by 1.8% to their lowest level since October 7, marking their third consecutive session of decline due to rising expectations of an American interest rate hike following the release of strong inflation data. The likelihood of an interest rate increase in October surged to 42% from 22% before the data was published, after the Consumer Price Index rose by 0.6% last month. Additionally, the increase in U.S. Treasury bond yields and the strengthening of the dollar exerted further pressure on gold, which saw a significant decline. Precious metals such as silver, platinum, and palladium also dropped sharply.

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