Gold Is Once Again Being Slowed Down by Oil and Interest Rate Hikes: Here Are the Current Prices.
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Economy - Rising oil prices in global markets and US-Iran tensions fueled inflation concerns, putting pressure on gold prices. With gold testing its lowest level of the week at $4,341 per ounce, all eyes are now on the Fed's interest rate decision.
Gold prices are searching for direction at critical levels after a three-day sell-off. On the morning of September 9th, an ounce of gold was trading around $4,350, with rising oil, bond yields, and the dollar increasing pressure. Market attention is now focused on the US data to be released tomorrow, with both a further decline and a sharp rebound being possibilities.
Gold tested its lowest level in the last week at $4,341 per ounce. However, subsequent buying activity pushed the price up to $4,381.
The escalation of conflict between the US and Iran, and oil prices nearing $100, have brought the "high inflation-high interest rate" equation back to the forefront of the market. As US bond yields and expectations of a Fed interest rate hike rose, risk appetite for gold declined. The price per ounce reached $4,341 in early trading today, testing its lowest level in the last week. Following a rebound, the price per ounce moved towards $4,381 as …
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