Gold drops amid inflation concerns linked to oil
Gold prices slightly declined as a result of rising oil prices, which boosted inflation concerns and fueled expectations that the Federal Reserve may raise interest rates at its meeting this week. The spot price of gold fell by 0.5% to $4,327.80 per ounce, marking its third consecutive weekly decline. Meanwhile, U.S. futures contracts for December delivery decreased by about 1% to $4,368.60. Markets now estimate approximately an 86% chance that the Fed will raise interest rates during its upcoming meeting on September 15-16, up from 67% before the release of recent inflation data.
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