Gold Slips as Oil Rally Fans Rate Hike Bets Ahead of Fed Meeting
Traders priced an 86.5% chance of a U.S. rate hike as oil jumped more than 2%, pressuring bullion, the CME FedWatch Tool said.
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12 Articles
Gold slips as oil rally fans rate hike bets ahead of Fed meeting
The stock markets remain chained to the rising oil price: the escalation in Saudi Arabia fuels the fears of an increase in inflation. Investors are eagerly looking at the US Federal Reserve's interest rate decision.
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برس بيGold prices edged lower on Monday as rising oil prices exacerbated inflation concerns and bolstered expectations that the Federal Reserve might raise interest rates at its policy meeting this week. Spot gold was down 0.5 percent at $4,327.80 per ounce by 0119 GMT, after posting its third straight weekly decline on Friday. U.S. gold futures for December delivery fell nearly 1 percent to $4,368.60. Among other precious metals, spot silver fell 1.1…
Gold markets started the new week with a sell-off. Following Friday's rise, gram gold lost value on the first trading day of the week, trading at 6,765 Turkish Lira, while quarter gold was selling for 11,099 Turkish Lira.
Geopolitical unrest usually drives the price of gold up. But the recent escalation in the Middle East is causing developments to go in the opposite direction. Oil prices are surging more than 2 percent after new attacks on Saudi Arabia – and it is precisely this unrest that is now stifling the precious metal. The spot price of gold fell 0.5 percent to $4,327.09 per ounce at 07.28 Swedish time on Monday. The Friday before that, the precious metal…
As rising oil prices heightened concerns about global inflation, gold prices started the week lower. Investors are now focused on the Federal Reserve's (Fed) meeting this week, with expectations of an interest rate hike reaching 86.5%.
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