Gold remains near 9-week low amid rate hike concerns

Gold prices have fallen to their lowest level in nine weeks, as rising tensions in the Strait of Hormuz and increasing concerns over inflation linked to the war have raised the likelihood of the U.S. interest rate hikes. The price of an ounce stood at $4,156, following a 1.3% decline the previous day, amid ongoing losses in the precious metal, while silver dropped to $60 an ounce. Markets now estimate a 20% chance of a rate hike at the upcoming meeting in late October, compared to an 80% chance in December, putting downward pressure on gold prices as the dollar gains strength and expectations of monetary policy tightening grow.

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