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Gold falls on inflation worries tied to oil
Gold prices slightly declined today, Monday, due to rising oil prices and concerns over inflation linked to oil prices, which reinforce expectations that the Federal Reserve may raise interest rates at its meeting this week. The spot price of gold dropped by 0.5% to $1,327.80 per ounce, marking its third consecutive week of declines. Markets also show an 86% likelihood that the U.S. central bank will hike rates during its upcoming meetings, following data indicating accelerated inflation in the United States in August. Conversely, oil prices rose about 3% amid supply concerns in the Middle East, particularly after the postponement of a meeting between Iran and Gulf countries. Other precious metals also saw declines, with silver falling 1.1% to $23.75 per ounce, platinum down 0.8% to $1,782.50, and palladium decreasing 0.7% to $1,290.36.
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