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Gold Drops More than 2% on US Rate-Hike Bets
Spot gold fell 3.8% as traders priced in higher odds of another Federal Reserve rate hike and rising oil prices stoked inflation fears.
- On Sept 28, Gold lost 4% to hit a seven-week low as rising Oil prices, a stronger dollar, and climbing Treasury yields created headwinds for the metal.
- President Donald Trump rejected a peace deal from Iran regarding the Strait of Hormuz, causing Oil to rise about 3% and stoking inflation concerns that force The Fed toward higher-for-longer rate policies.
- Jim Wyckoff of the American Gold Exchange said rising Treasury and dollar strength are "creating a perfect storm to push the metals prices sharply lower," while traders see a 94% chance of a rate hike.
- Across the Markets, spot silver fell 4.3 per cent, platinum declined 2.8 per cent, and palladium lost 3.1 per cent on Sept 28.
- Markets now turn focus to job openings, the ADP employment report, Personal Consumption Expenditures readings, and nonfarm payrolls, all due this week.
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74 Articles
74 Articles
Future gold contracts have fallen sharply this Monday (28), reaching their lowest level of closure since the beginning of August, pressed by a stress on the global interest market in recent weeks. The prospect of higher rates tends to make the precious metal less attractive, as it has no yields. At the closing, the gold with delivery scheduled for September fell by 3,52%, quoted at US$ 4,135.4 per ounce-troy, in Comex, the metal division of the …
·Rio de Janeiro, Brazil
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The price of gold fell significantly on Monday, following on from last week's price losses.
·Vienna, Austria
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Total News Sources74
Leaning Left3Leaning Right12Center7Last UpdatedBias Distribution54% Right
Bias Distribution
- 54% of the sources lean Right
54% Right
14%
C 32%
R 54%
Factuality
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