Gold falls over 2% on rate hike fears
Gold prices declined by over 2% on Monday, reaching their lowest levels since early September. This decline was driven by rising oil prices and bond yields, which heightened inflation concerns and supported the likelihood of the Federal Reserve continuing to raise interest rates. The decrease is linked to the rise in oil prices, which intensifies inflationary pressures, and market expectations of an interest rate hike to 3.75-4%. This comes ahead of the upcoming U.S. employment and inflation data expected to be released this week, which could further pressure gold prices as a hedge against inflation.
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