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Gold declines amid rising oil and high rates
Gold prices fell by more than 2% during today’s Monday trading, influenced by expectations of an interest rate hike by the Federal Reserve. The rise in oil prices and confirming the strength of the US economic activity increased the likelihood that the Federal Reserve would keep interest rates high for a longer period. The spot gold price declined to $4,188.84 per ounce, while futures dropped to $4,221.12, amid concerns over continued pressures from rising energy costs and their impact on inflation and financial markets. At the same time, oil prices rose after Iran stated it would not ease its conditions for reopening the Strait of Hormuz, increasing uncertainty about global energy supplies, with Brent crude increasing by nearly 70% since the beginning of the year. Gold remains weak due to rising US Treasury yields and a strong dollar, despite strong demand for gold exchange-traded funds and declining US consumer confidence. It is also expected that upcoming inflation and growth data will influence the trajectory of interest rate hikes in the coming months.
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