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Gold falls on rate hike expectations and Middle East stability
Gold prices declined in today’s trading ahead of the US Federal Reserve's decision on interest rate hikes, amid relative calm in tensions between the United States and Iran and rising oil prices. Spot gold dropped by up to 0.8%, approaching $4,040 per ounce, with expectations of a possible quarter-point interest rate increase, estimated at around 40%, based on lower-than-expected inflation data and rising oil markets. The precious metal maintained a key support level near $4,000 per ounce, while holdings in gold-backed funds continued to increase. Analysts believe that the prospects of a rate hike are putting downward pressure on gold, which has been declining since the start of the US-Iran conflict five months ago.
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