Gold nudges higher on inflation and rates
Gold prices rose slightly today, Friday, amid growing concerns about inflation and the Federal Reserve's interest rate hike trajectory. The ounce reached $4,147.77, after hitting its lowest level in two months on Wednesday. Expectations are for an 18% rate hike in October and an 81% chance of a hike in December. Although gold is generally considered a hedge against inflation, higher interest rates tend to reduce its appeal. Meanwhile, other precious metals such as silver, platinum, and palladium are also increasing, but all are on track to record weekly losses.
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