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Gold drops to one-month low
Gold prices fell to their lowest level in over a month, as oil prices rose and US inflation data exceeded expectations. This fueled expectations that the Federal Reserve might raise interest rates at its meeting this week. Spot gold declined by 1.8% to $2,271.59 per ounce, while US gold futures contracts dropped by 2.2% to $2,311.20, amid forecasts of a possible rate hike by the end of next March due to persistent inflation and anticipation of economic data releases. Additionally, the rise in oil prices, driven by attacks on energy facilities in Saudi Arabia and the postponement of diplomatic efforts in the Middle East, pushed the dollar index to its highest level in two weeks, increasing the cost of gold priced in dollars. Other metals, including silver, platinum, and palladium, declined by between 0.6% and 2.5%.
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