Gold drops over 1% on US rate hike bets

Gold prices declined by more than 1% as the likelihood of a US interest rate hike increased following strong inflation data and rising oil prices. Spot gold fell to approximately $4,355 per ounce, with traders now estimating a 70% chance of a rate hike at the Federal Reserve's next meeting. This comes amid falling Treasury yields and concerns about inflation linked to energy prices. Additionally, the rise in oil prices has put further pressure on gold, which typically reacts to higher oil prices and interest rate hikes, highlighting expectations of inflation moderation and upcoming US monetary policies.

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