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Gold declines over 1% amid rate hike fears
Gold prices dropped by more than 1% on Thursday due to the activation of U.S. inflation data and rising oil prices, which heightened expectations that the U.S. Federal Reserve will raise interest rates next week. The spot ounce price fell to around $4,349, and U.S. gold futures declined to approximately $4,391. Meanwhile, oil prices increased by 4%, with Brent exceeding $105 per barrel amid concerns over supply disruptions. Additionally, the European Central Bank raised interest rates for the second time this year to combat inflation linked to rising energy costs.
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