Gold drops amid rate hike expectations
Gold prices declined by 0.4% to reach $4,436.04 per ounce, marking their lowest level since mid-August, due to rising expectations of an interest rate hike in the United States following hawkish statements from the Federal Reserve Chairman, which increased the likelihood of a rate hike by 60% in September's meeting. Despite this daily decline, gold remains up more than 10% over the month, achieving its best monthly performance since January, driven by concerns over currency devaluation and rising inflation. Additionally, silver prices increased by 1% to $66.99 per ounce, while platinum and palladium prices fell amid anticipation of upcoming U.S. employment data.
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