Gold Drops More than 2% on US Rate-Hike Bets
- Gold fell more than 2% on Monday, with spot gold reaching $4,171.85 per ounce.
- Oil prices rose after U.S. President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz and end fighting.
- Higher oil prices increased inflation concerns and strengthened expectations of further U.S. Federal Reserve rate hikes, pressuring gold and other precious metals.
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Shafaq News - Follow-up: Gold prices fell by more than 1% on Monday evening, after a morning drop of over 2%, reaching their lowest level since August 5th. Reuters explained that rising oil prices fueled concerns about inflation and supported the likelihood of interest rates remaining high, in addition to the strengthening dollar and rising US Treasury yields. Spot gold fell 1.2% to $4,146.51 per ounce by 1:25 PM GMT, after dropping 2.1% to $4,1…
The price of gold fell significantly on Monday, following on from last week's price losses.
The price of gold continued to fall on Monday, continuing last week's trend. On Monday morning, a troy ounce (about 31.1 grams) was trading at $4,190 on the London Stock Exchange, down about three percent from Friday. The price of gold has already fallen by about $200 per ounce in the past week.
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