Rising US rates weigh on gold
Gold prices declined in Asian trading amid expectations of a U.S. interest rate hike, approaching their lowest levels in a week after data indicated an increase in U.S. producer prices for August. The spot price of gold remained around $4,318.88 per ounce, following a roughly 2% drop yesterday. Likewise, December gold futures fell by 1.1% to $4,359.50. There was also a notable decline in the prices of other precious metals such as silver and palladium, due to forecasts that an increase in U.S. interest rates will put downward pressure on gold prices in the near term.
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