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Gold Gains Amid Rate Hike Expectations
Gold prices have risen for the third consecutive day following a relaxation of tensions regarding the potential reopening of the Strait of Hormuz. This development has reduced fears of inflation and the need for interest rate hikes in the United States. Gold surged by more than 1%, reaching above $4,130 per ounce, while silver prices also increased by 2.2%. The financial market expects U.S. interest rate hikes to be limited to a single increase by the end of the year, down from the previous outlook of two increases. Ongoing conflicts between Washington and Tehran continue to hinder gold’s rise, but it remains less attractive compared to yield-generating metals, which saw a decline last Thursday due to war-related tensions. Federal Reserve officials have indicated the need to raise interest rates to maintain price stability, even as they continue to keep monetary policy steady.
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