Gold hits low on US rate hike fears
Gold prices fell to their lowest level since mid-July as persistent inflation and rising oil prices reinforced expectations of further US interest rate hikes. Spot gold dropped one percent while broader precious metals also declined.
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Gold fell 1% to $3,980.40 per ounce on Friday, hitting its lowest level since mid-July and heading toward a second consecutive monthly decline. The drop comes as surging crude prices and persistent inflation fueled expectations of further monetary tightening by the Federal Reserve. Investors are stepping back from non-yielding bullion as economic data strengthens the case for higher borrowing costs.
