Gold Falls Amid Oil Rise and Rate Hike Hopes
Gold prices slightly declined amid rising oil prices, amid concerns over inflation and expectations of a U.S. interest rate hike in September. Spot gold prices fell by 0.4% to $1,385.09 per ounce, with the likelihood of a rate increase increasing to around 60% after the release of strong U.S. employment data. Meanwhile, oil prices surged to their highest levels in several weeks, approaching $100 per barrel, which added to inflation pressures and heightened expectations of tightening monetary policy.
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