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Gold drops over 1% on rate hike worries
Gold prices dropped by more than 1.3%, reaching their lowest level since October 14, influenced by rising oil prices and expectations of an extension of the US interest rate hikes, especially as the Federal Reserve meeting approaches, which is expected to maintain a hawkish stance. Investors are awaiting upcoming personal consumption expenditure (PCE) data as a key indicator of inflation levels, which the central bank aims to bring down to 2%. The Federal Reserve is widely expected to raise interest rates by 91% in December, although markets are hesitant to predict this in October. Additionally, other metals such as silver, platinum, and palladium experienced sharp declines amid ongoing global tensions and high inflation data.
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