Gold drops to $4,120 amid rate hike fears

The expectations of a US interest rate hike have increased, leading to a decline in the price of gold to $4,120 per ounce. At the same time, Brent crude oil reached its highest level in five months amid renewed attacks in the Middle East, heightening concerns about supply disruptions and boosting expectations of monetary tightening. Although the market currently anticipates holding interest rates steady, the odds of a hike in December now exceed 90%, which reduces gold’s attractiveness as an inflation hedge.

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