9 Hrs
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البلاد
US rate hikes push gold lower
The rise in oil prices by about 2% today has increased fears of inflation, leading to a sharp decline in gold prices by more than 1.5% to approximately $4,224 per ounce. Markets are also anticipating a 66% chance that the U.S. interest rate will be raised in October. The rising costs of oil and inflationary pressures are affecting the yellow metal, which is considered a hedge against inflation. However, the increase in interest rates reduces its appeal. Additionally, other precious metals have experienced notable declines, and investors are awaiting U.S. employment data that could further intensify pressures on bond yields and gold.
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