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Gold drops over 1% on rate outlook
Gold prices experienced a decline of over 1% today, Thursday, as markets await the upcoming Federal Reserve meeting next month, which will focus on determining the course of interest rate hikes. The spot gold price dropped by 1.19% to reach $4,091.13 per ounce, while U.S. gold futures declined by 1.04% to $4,106.90. Economists often expect the Fed not to raise interest rates in October, but the likelihood of a rate hike in December has risen to 90%, which could negatively impact gold prices by increasing the opportunity cost of holding bullion.
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