Economy

Gold Prices Drop Over 2% Amid Rising Oil Prices and Rate-Hike Bets

Hindustan Times4h
THE BRIEF
1

Spot gold fell 2.7% to $4,171.85 per ounce on Monday, hitting its lowest level since early August due to inflation concerns and Federal Reserve rate-hike expectations.

2

Higher oil prices and bond yields continue to pressure gold, with traders pricing in a 69% chance of a US interest-rate hike in October.

3

Investors are awaiting upcoming US labour market and inflation data, including job openings, the ADP report, and nonfarm payrolls.