Gold edges down as rate hike bets grow

Gold prices declined, approaching a two-week low, amid increasing expectations of a U.S. interest rate hike following hawkish statements from the Federal Reserve Chair. Additionally, rising oil prices have heightened inflation concerns. The spot price of gold fell by 0.4% to reach $1,433.19 per ounce, although its monthly performance remains strong, with an increase of about 9.7% since the start of the month. A weakening dollar and rising U.S. bond yields are exerting further pressure on gold, while escalating tensions in oil markets raise concerns about ongoing inflationary pressures. Market participants are awaiting U.S. employment data to gauge the future direction of interest rate policies.

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