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الراي
Gold approaches one-week low before US inflation data
Expectations of rising U.S. interest rates are driving gold prices close to their lowest level in a week, as investors await today's Consumer Price Index data. The price of gold remains steady at around $4,318.88 per ounce, after reaching its lowest point since early September, amid forecasts of increased borrowing costs from the Federal Reserve following the release of important producer price data showing a 0.4% increase in August. Additionally, rising interest rates are putting pressure on gold, as it is used as an inflation hedge but is non-yielding. Outlooks suggest further tightening of monetary policy in the coming period, amid ongoing inflationary pressures and rising energy prices.
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