Gold approaches $4,150 end-week
Gold prices rose near $4,200 per ounce by the end of the week, amid anticipation of the U.S. Federal Reserve's decisions regarding interest rate hikes and concerns over inflation. Spot gold increased by 1.52% to reach $4,196.35, while U.S. futures contracts surged approximately 1.68% to $4,227.10. The probability of an interest rate hike in the U.S. is expected to be 18% in October and 81% in December, which diminishes gold's appeal as a safe haven amid rising interest rates. Additionally, other precious metals such as silver, platinum, and palladium experienced gains, but they are heading toward weekly losses.
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