Gold hits over a month low amid rising oil

Gold prices fell to their lowest level in over a month, influenced by rising oil prices and expectations of a U.S. interest rate hike. Spot gold declined by 0.8%, reaching $4,312.59 per ounce, amid growing concerns over inflation driven by increased oil prices—especially after Brent crude surged above $108 per barrel. Expectations of a rate increase, which could reach a 93% chance at the Federal Reserve meeting scheduled for mid-September, are playing a major role in gold’s decline, as higher bond yields and dollar strength make gold less attractive. The rising inflation expectations and pressures on central banks further challenge the stability of the yellow metal’s prices, despite the geopolitical risks stemming from tensions in the Middle East.

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