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Gold falls amid rate hike prospects
Gold prices fell today, Tuesday, influenced by expectations of a U.S. interest rate hike. The spot gold price dropped to around $4,288 an ounce, after reaching its lowest level in five weeks due to rising oil prices and tensions in the Middle East. Markets indicate a 92% likelihood of a rate increase at tomorrow's Federal Reserve meeting, up from 59% a week ago. Meanwhile, U.S. Treasury yields have risen to their highest levels in nearly two decades, and the dollar has strengthened, reducing gold's appeal as a zero-yield asset and putting pressure on it due to higher borrowing costs.
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