Gold falls over 1 percent on Fed rate hike hopes
Gold prices fell by more than 1.5%, marking their lowest levels in some time, due to expectations of another interest rate hike in the United States and increasing oil prices. The spot price of gold declined to $4,223.95 per ounce, while futures contracts dropped to $4,257.90, after the U.S. Federal Reserve raised interest rates from 3.75% to between 3.75% and 4% during September. Other precious metals also experienced declines; silver decreased to $62.64 per ounce, platinum to $1,741.45, and palladium to $1,239.95. The outlook remains tilted towards further rate hikes, with concerns about decreasing oil supplies in the Middle East diminishing.
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