Gold Falls as Fed Rate Hike Odds Boost Dollar
Gold prices declined on Monday as expectations of further monetary tightening by the Federal Reserve and a stronger dollar weighed on the precious metal. Traders priced in higher chances of a December rate hike amid persistent inflation concerns.
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Gold fell 0.6% to $4,349.94 per ounce on Monday morning as expectations of further monetary tightening by the Federal Reserve strengthened the greenback. The decline follows a 1% drop to a session low of $4,322.19 earlier in the session. Bullion is now down 17% from its session high recorded on February 27.
