Gold steady near seven-week low
Gold prices rose by approximately 1% during today's trading, yet they remain close to their lowest level in over seven weeks, recorded yesterday, due to rising expectations of a U.S. interest rate hike amid inflation concerns. Spot gold reached $4,157.39 per ounce, while futures increased to $4,189.60, amid ongoing pressure from a stronger dollar, rising Treasury yields, and higher energy prices. The market now anticipates a 70% chance of a U.S. interest rate increase in October and a 95% chance in December, which strengthens the dollar and keeps bond yields high, thereby limiting gold's attractiveness as a safe haven amid rising inflation and expectations of continued monetary tightening policies.
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