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Gold increases as oil drops
Gold prices rose slightly today, Tuesday, amid a decline in oil prices, as investors await U.S. inflation data that will determine the Federal Reserve's interest rate path. Spot gold increased by 0.4%, reaching $4,188.27 per ounce, hitting its highest level in a week. Additionally, December gold futures rose by 0.5% to $4,212.50 per ounce. Meanwhile, oil prices fell due to tensions in the Middle East, raising concerns about inflation and increasing the likelihood of monetary policy tightening. The market is anticipating the release of Consumer Price Index data tomorrow, which will influence expectations for interest rate hikes. Currently, there is a 19% probability of a rate increase by the Fed in October and an 85% chance in December, according to "Feduotch." Markets are awaiting inflation results that will determine the sustainability and pace of interest rate rises and their impact on gold.
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