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Gold Trends Toward Third Weekly Drop
The article discusses developments in the gold market and the expectation of its third consecutive week of decline, despite an increase in trading on Friday. This is attributed to rising expectations of interest rate hikes by the U.S. Federal Reserve following data showing a 0.4% increase in the U.S. Producer Price Index in August, which amplifies the likelihood of future rate increases. Additionally, tensions in the Middle East continue to support inflation expectations, putting further pressure on gold prices. Meanwhile, oil has gained more than 13% this week, while gold prices are trending downward due to rising yields on U.S. Treasury bonds and the dollar, amid growing expectations of further interest rate hikes.
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