Gold Drops 2 Percent on Rate Hike Bets
Gold prices fell more than two percent as rising oil prices heightened inflation concerns and reinforced expectations of further Federal Reserve interest rate hikes. Spot gold reached its lowest level since early August while silver and other precious metals also declined.
Xurve View
Insights:
Xurve View
Gold prices fell 2.7% to $4,171.85 per ounce on Monday morning, hitting their lowest mark since early August. The drop follows rising oil prices that heightened inflation concerns across the United States. Higher energy costs reinforce expectations of further interest-rate hikes from the Federal Reserve.
