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Gold drops on rate hike fears
Gold prices declined today, Monday, approaching their lowest levels in two weeks amid rising expectations of interest rate hikes by the U.S. Federal Reserve, following hawkish remarks from Fed Chairman Kevin Woorisch. The rise in oil prices, driven by attacks on the Strait of Hormuz and Iran's responses, has increased inflation concerns, putting pressure on gold, which fell by 0.4% to $4,433.19 an ounce. However, gold has performed strongly on a monthly basis, rising by 9.7% since the start of August, despite declining more than 3% last week. Expectations for rate hikes continue to grow, with the likelihood of additional increases in September increasing, as the market watches for key U.S. employment reports to determine the next financial direction.
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