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Gold approaches $4,300 amid US rate hike fears
Gold settled at around $4,300 per ounce amid expectations of rising U.S. interest rates due to escalating disruptions in oil supplies from the Middle East, especially after Saudi Arabia halted the "East-West" pipeline following attacks. There are concerns that higher borrowing costs could put pressure on the gold market, which is typically seen as a hedge against inflation. Additionally, the increase in yields on U.S. Treasury bonds, reaching approximately 5% for the first time in three years, is exerting further pressure on the precious metal, although many expect its value to recover as demand for it as a safe haven continues.
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