Gold stays near 9-week low amid rate hike fears
Gold prices have retreated to their lowest level in nine weeks due to escalating tensions in the Strait of Hormuz and rising inflation fears linked to the war. The price per ounce fell to $4,156, while silver prices remained steady at $60 per ounce. Concerns about an interest rate hike by the U.S. increased, with market expectations indicating a 20% chance of a rate increase in late October and an 80% chance in December, which bolstered the dollar and put downward pressure on gold's value. Meanwhile, Iranian threats to oil supplies continue to grow.
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