Gold dips to three-week low amid rate worries

Gold prices declined to their lowest level in over three weeks, influenced by rising oil prices and increasing tensions in the Middle East. This has heightened concerns over inflation and higher interest rates. The escalation of tensions between the United States and Iran, coupled with soaring oil prices, has added inflationary pressures, strengthening expectations of a potential rate hike by the Federal Reserve. There is currently a 68% probability of interest rate increase this month. Additionally, rising US Treasury yields and a strong dollar have diminished gold's appeal as a safe haven, as investors await US employment data that will shape the trajectory of monetary policy. Spot gold fell by 0.6%, to approximately $1,303 per ounce — the lowest since August — while US gold futures decreased by 1.1%.

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