Gold drops to one-week low amid inflation concerns
Gold prices have fallen to their lowest level in a week due to inflation concerns and rising oil prices, as increased energy costs have led to expectations of extended periods of higher interest rates. The price dropped by 1.3% to reach $4,085.29 per ounce, with investors awaiting the upcoming Federal Reserve meeting next week, during which a rate hike may be decided. Rising oil prices are also impacting inflation expectations, potentially forcing central banks to maintain their tight monetary policies, which reduces the attractiveness of non-yielding gold. This comes amid anticipation of US inflation data and expectations of postponing rate cuts until the end of the year.
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