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Gold falls as oil rises before Fed meeting
Gold prices declined today, Thursday, after reaching their highest levels in two weeks, amid rising oil prices due to escalating tensions in the Middle East. This followed new American strikes on Iran and the Houthis' targeting of oil tankers. Investors are awaiting the U.S. Federal Reserve meeting next week to glean signals about a possible interest rate hike, which puts pressure on gold—traditionally considered a safe haven—though its appeal diminishes as interest rates increase. Despite the dollar dropping by 0.2%, the rise in oil and energy prices is increasing inflationary pressures and boosting expectations of monetary policy tightening.
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