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Gold Faces Weekly Decline Amid Rate Hike Hopes
The article reveals that gold prices are heading towards weekly losses of nearly 2%, driven by rising expectations of a US Federal Reserve interest rate hike, a decline in Treasury bonds, and higher oil prices, according to Investing data. Despite an increase in spot gold by 0.7% to reach $4,346 per ounce, futures contracts declined by 0.4%, resulting in a total monthly decrease of 1.9%. A US Consumer Price Index report showed that inflation rose by 0.4% in August on a monthly basis, while overall inflation remained at 3.4% year-over-year, with core inflation at 2.4%. The data increased the likelihood of a 25 basis point interest rate hike next week to about 87%, supporting the dollar and putting pressure on gold, which typically reacts negatively in environments of rising interest rates.
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