Gold falls for fourth day amid oil and inflation
Gold prices have declined for the fourth consecutive session due to rising oil prices and expectations indicating that the U.S. Federal Reserve will not raise interest rates before the end of the year, amid ongoing inflationary pressures and tensions in oil markets. The spot price of gold reached $4,118.18 per ounce. Markets anticipate low chances of a rate hike in October, but strongly favor a 90% probability of an increase in December. Higher interest rates negatively impact gold, as they raise the opportunity cost of holding non-yielding assets, while investors are awaiting the upcoming US inflation data scheduled for next week.
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