Gold falls for fourth session amid rising oil and inflation worries
The article discusses the fourth consecutive session of falling gold prices, driven by rising oil prices and increasing inflation fears, as investors await the U.S. Federal Reserve meeting to determine the interest rate path. The spot price of gold dropped to $4,118.18 per ounce, while futures fell to $4,136.20, amid expectations of a low likelihood of rate hikes in October but with a significant possibility of a rate increase in December, which puts further pressure on gold prices and heightens inflationary pressures. Experts also noted that rising oil prices reinforce expectations of monetary tightening, as the market awaits U.S. personal consumption expenditure data as a key indicator of future inflation. Additionally, metals linked to gold, such as silver, platinum, and palladium, declined due to current market conditions.
Notice: This Is an AI-Generated Summary
Comments (0)