Gold prices fall on rate hike fears

Gold prices worldwide have declined following a strong upward surge, due to profit-taking and expectations of the Federal Reserve raising interest rates, which increases the attractiveness of high-yield investment tools. The spot price of gold dropped by 0.9% to reach $4,479.12 per ounce, while futures contracts also fell by 0.2%. Growing concerns over persistent inflation and the decision to raise interest rates are exerting pressure on the yellow metal. Meanwhile, oil prices have risen over the past three weeks, fueling inflationary pressures. Financial institutions anticipate that gold could surpass $5,000 in the coming period if the trend of rising interest rates continues.

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