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Gold hovers around $4,160
Gold prices stabilized after a two-day decline, following a Federal Reserve official's signal of a possible interest rate hike later this year. There are also expectations that no further tightening will be needed in 2027, which boosted investor sentiment in the precious metal. Gold was trading near $4,160 an ounce, after falling 0.8% over the previous two days. Meanwhile, crude oil prices rose amid escalating attacks in the Middle East, with Brent crude surpassing $106 per barrel. This increases the likelihood of supply disruptions and fuels inflation, potentially leading to higher borrowing costs again. The president of the Federal Reserve Bank of New York, John Williams, indicated that another rate hike this year would be appropriate, despite a slight decline in US Treasury yields, which generally supports gold's performance as it benefits from falling interest rates. Markets are also anticipating the release of the US Consumer Price Index later today, which could provide clues on the path of future rate hikes, with a 90% probability of an increase in December, as investors monitor inflation trends and upcoming monetary policy moves.
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