Gold falls below $4,000 amid stock sales
Gold prices fell below $4,000 an ounce, hitting their lowest level in over three months, amid a broad sell-off in financial markets. Concerns over persistent inflation and rising oil prices have increased pressure on the precious metal. Gold declined by as much as 0.9%, approaching a critical support level around $3,900, while expectations for a U.S. interest rate hike have dropped to less than 10% at the upcoming Federal Reserve meeting, potentially supporting gold. Nevertheless, rising oil prices and increasing geopolitical risks in the Middle East threaten market contraction, and fears of inflation and geopolitical unrest continue to influence gold movement and markets in general.
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