Gold declines over 1% on rate hike concerns
Gold prices declined by more than 1.3% to their lowest level since October 14, due to rising oil prices and investors' concerns about the continued rise in inflation, which boosts expectations of potential interest rate hikes. The market currently assigns only a 15% probability of a rate increase at the Federal Reserve's October meeting, while there is a 91% chance of a hike in December, as traders await upcoming personal consumption expenditures data that will influence monetary policy decisions. Gold remains vulnerable to key support and resistance levels, with expectations that it could rise if it surpasses the resistance level at $4,135.
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